nity of interests which has brought mankind together more than
anything else.

Englishmen are always supposed to be particularly insular. Nevertheless,
any one who looks at the Official List daily published by the London
Stock Exchange and sees the enormous number of Government and municipal
loans from all parts of the world, the number of foreign railways, and
the number of foreign enterprises of all kinds which are dealt in on the
London Stock Exchange, cannot avoid the conclusion that this practice of
investing money abroad, which has been followed here to a greater extent
than in any other country, must have very greatly widened the
Englishman's horizon and forced him to confess that at least from one
point of view dwellers in foreign countries have some right to exist. At
any rate, in practice English investors not only have shown that they do
not recognize international barriers, but there have even been times
when foreign securities have actually been preferred to English. A few
years ago it was reported by stockbrokers that many of their clients
would not invest money at home and insisted whenever possible that it
should be placed abroad. To such an extent has this process been carried
on that it is now calculated by statisticians that no less than four
thousand millions of English money have been placed outside England,
about one-half of this having been lent to foreign countries, and about
one-half to our own colonies. Here again, as in commerce, there arises a
possibility of quarrelling, not only between the lender and borrower but
also between rival groups of lenders in different countries. When an
economically backward country is being developed with the assistance of
capital from nations which are at a further stage of economic progress,
the moneylender is supposed to acquire a certain amount of political
prestige and privilege which makes other nations, which have an eye to
increasing their influence in the borrowing country, jealous concerning
such operations. A curious example was presented not long ago by China.
China wanted to borrow, and probably the only countries which had any
genuine surplus of capital available for export were England and France.
Nevertheless, owing to the political side issues involved, Russia,
Germany, and the United States also all insisted on taking part in the
business of lending money to China. China was compelled to borrow more
money than it wanted, so that all these so-cal