Germany -- Foreign relations; World War, 1914-1918; World War, 1914-1918 -- Economic aspects
During the present world combat, which has not its like in history,
whether we consider the issues at stake, the number of troops engaged,
or the destructive forces let loose, the ordinary narrow conceptions
of mutual assistance, financial and other, with their jealous care of
flaccid interests, cannot be persisted in. The basic principle on
which it behoves the allied Powers to sustain each other's vitality
can only be the community of resources within the limits traced by
national needs. For our cause is one and indivisible, and a success of
one of the Allies is a success of all. Hence, although we move from
different starting-points and by unconnected roads, we are one
community in motive, tendencies and sacrifices. The sense of Fate,
whose deepening shadow now lies across the civilized nations of the
Old Continent, has evoked the sympathies of the partner peoples for
each other, and temporarily obliterated many of the points of
artificial distinction which owed their existence to national egotism.
Russia's resources, then, were immobilized at the outset of the war.
The minister who had spent thirty-five years in the financial
department of State had resigned shortly before. His successor, a man
of considerable capacity and good intentions, was bereft of the help
of the best permanent officials of the Ministry, who had followed the
outgoing minister into retirement. And no minister ever needed help
more sorely than M. Bark. For the sudden cessation of all
international exchange and the consequent immobilization of Russia's
financial reserve, made it temporarily impossible for her to satisfy
demands which could easily have been met under circumstances less
disconcerting. Here her British ally came to the rescue. In the first
place, the British Government gave its guarantee to the Bank of
England for the acceptances which this bank had discounted. These were
of two kinds: all acceptances whatever discounted before hostilities
had broken out, and all commercial acceptances discounted since the
declaration of war. The measure which brought this welcome assistance
was general in its form, but it included Russian bills accepted in
London. And this discount by the Bank of England will continue until
one year after the close of the campaign. In plain English, that
means that the greater part of Russia's cash payments in London will
be put off until then.
Public-domain text, read in full here on John Shaqi.
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