m. This may
seem somewhat irrelevant to the question of International Finance, but
it is not so. We led the way in spreading our capital over the world,
with little or no regard for the consequences of this policy on the
condition of our population at home. We have now, in the great
regeneration that this war has brought, and will bring in still greater
measure, to show that we can still make and save capital faster than
ever, by working harder and spending our money on improving our
heritage, instead of on frivolity and self-indulgence. Then we shall
still be free to lend money to borrowers who will use it well, and at
the same time have plenty to spare for wise use at home in clearing the
blots off our civilization.

FOOTNOTES:

[Footnote 9: Written on New Year's Eve, 1915.]

INDEX

ACCEPTANCES, of banks and firms. 26, 36
America, as international financier, 73;
trade expansion of, helped by England, 85
Armament firms and bad finance, 135, 136

BANK OF ENGLAND, position of, 31. 32;
weekly return of, 33
Banks, bills of exchange held by, 26 _seq_.;
functions of, 35 _seq_.;
money deposited with, 25 _seq_.;
specimen balance sheet of, 35
Bearer securities, 54
Bill-brokers, 37, 38
Bills of exchange, meaning of, 26 _seq_.;
on London, popularity of, 29, 30;
uses of, 39, 40
Bonds, description of, 54
Bowley, Dr., on specialization, 156
Brailsford, Mr., on Egypt and finance, 99
Brazil, financial embarrassments of. 71;
funding scheme for, 72

CANADA lends to England, 73
Capital, bad effects of export of, 164;
difficulty of controlling, 166, 171;
definition of, 4, 17;
function of, 3 _seq_.;
how acquired, 16;
plenty of, advantageous to workers, 19, 20;
reward of, 2 _seq_.
Charles II, dukedoms founded by. 14,15
China and international finance, 106
Cobbett on national prosperity, 159
Colonial investments, advantages possessed by, 166
Companies' securities, classes of, 57; issue of, 55
Coupons, description of, 54
Crammond, Mr., on financiers and peace, 93
Cumulative, preference, 59;
sinking fund, 52

DEBENTURE stocks, 57
Discount, market rate of, 38

EGYPT and finance, 98 _seq_.

"FENN on the Funds," on diplomacy and finance, 106
Finance and industry, 75, 76, 131;
as peace-missionary, 90 _seq_.;
benefits of, 83 _seq_.;
defined, 1;
dependent on industry, 28, 29, 40;
effects of war on, 92, 93
Foreign Office and finance, 105, _seq_.
France, loan is