Nothing but the strain of war could have induced the Bank of England to count a hundred million dollars in gold sent from New York into Canada as a part of the Bank's metal reserve. There is now no reason why this relation should not continue. Why should fifty or a hundred million in gold be sent across the ocean in the spring, to be returned in the fall? The world is going to be still more a unit in finance hereafter. It has taken a generation to educate the world to the right of the individual in the common fund of money, so far as money is needed to effect transfer of credits. This is the keynote in our Federal Reserve act: that business has just as much right to regulation promoting safe and smooth credits as it has to national regulation promoting safe and sound transportation. Out of this war must arise better international relations, and they comprise not alone the relations of peace, but closer relations to international transportation, as respects both ships, international money, and international credit. While many people are looking for financial independence between nations, the United States taking back from Europe in the next three years the larger part of the $6,000,000,000 of American securities owned abroad, it is quite possible that the opposite will take place: a greater interrelation, not only in credits but in investments. If nations are to be more closely knit together hereafter, it will be not alone in alliances of peace, but in financial alliances in security ownership. It is far better for both Europe and America that, instead of Europe selling its American securities, America should buy European securities--first, acceptances, making a basis for credits and international purchases in connection with the war; and later, American investment in the funds of foreign nations. It may be that before this war is over many European nations will have to appeal to America with their loans. If France could see her way clear to put out a long-term loan at 5 per cent instead of short-term loans at this rate, there should be a good investment field for it in America. Russia is an unconquerable country, and her securities at a good rate should be attractive for some American capital. There is no reason why the 3 per cent bonds of Germany should not soon be investigated for investment purposes in America. The German debt is very small and, however long the war may continue, German bonds will ultimately be paid. They are quoted now at about 70, and, with the discount on exchange, they may be purchased from America at nearly 60, or to get 5 per cent on the investment, to say nothing of possible appreciation toward par in the future.