ars are now sharply up.
Most of the golfing clubs have voted to suspend the activities of
members with German antecedents.

At the clubs in Pall Mall, notices have been posted requesting members
not to introduce during the war Germans or those of German descent.

Membership on the Stock Exchange is not continuous as in this country,
and at the March elections in 1915 there will be a dropping out of
German names.

CHAPTER XII

ENGLISH WAR FINANCE

Protecting Trade and the Trader--How German Banks Paid--The English
Loan--England's Wealth--The Income Tax--More Taxes.

A giant Atlas bearing the civilized world on its financial shoulders
has arisen between the North and the Irish seas. That is the picture
that stands at the opening of 1915, where before Germany had endeavored
to stamp the label "Perfidious and degraded nation of shopkeepers."

Only the pencil of a Dore could sketch this giant and put him in
figures of proper relief as, aroused from his pastime of trade and the
acquisition of shillings, he summons with one hand the resources of the
empire and with the other passes them out to needy warring nations,
taking care all the while that the necessary dealing of exchange and
commerce have the least possible disturbance.

Kitchener says the war may last for two years, but he is making
preparations for three years, and must do this job so thoroughly that
no repetition will be required.

If it is war for three years, then this mighty financial Atlas of
England is preparing to write its name on promises to pay more gold
than all the money-gold on the surface of the earth today. And England
won't hesitate to do it if necessary--not for one moment.

How can she advance money to Russia, Belgium, France, and other
countries at war or just going into the war, and ask no foreign
assistance, no overseas help,--except to be let alone,--expand her home
trade and wages, pay with a lavish hand, and still pile up real gold
both at home and over the ocean?

The first answer is because she does expand trade; because she does pay
and pay promptly; and because she does protect her own trade.

The United States does not protect its trade or its citizens anywhere
in the world to-day. It shivers in war-time, and borrows of everybody
else when it has a panic of its own.

There is only one way to make trade, and that is to pay and protect.
England, through centuries of fighting to protect both trade and the
trader,