II

LONDON'S FINANCIAL POSITION

October, 1917

London after the War—A German View—The Rocks Ahead—•
Our Relative Position secure—Faulty Finance—The Strength
we have shown—The Nature and Limits of American
Competition—No other likely Rivals.

WILL the prestige of the London money market be
maintained when the war is over ? This is a question
of enormous importance, not only to every one who
works in and about the City, but to all who are
interested in the maintenance and increase of
England's wealth. Like all other questions about
what is going to happen some day, the answer to it
will depend to a very great extent on what happens
between the present moment and the return of peace.
To arrive at an answer we have first to consider on
what London's financial prestige has been based in
the past, and on this subject we are able to cite in
evidence the opinion of an enemy. Our own-views
about the reasons which gave us financial eminence
may well be coloured by national and patriotic
prejudice, but when we take the opinion of a German
we may be pretty sure that it is not warped by any
predisposition in favour of English character and
achievement*