EMPIRE BORROWING IN AMERICA.
Now, if it be true that the making of loans to foreign countries is in itself a- factor stimulating the exports of that country and, moreover, aiding the control of the exchanges• by that country, the United States would not only seem to be getting into an almost impregnably strong economic position, but she would seem to be doing so at the expense of this country in particular. Only during tbe,-past-_week- we -have had a striking example of the- ability ability of America to make loans to countries to which we have been accustomed to be the chief lenders—witnesi the flotation in New York of an Argentine Loan for the equivalent of £8,000,000, and, more striking still, the placing of a loan for a similar amount for the Common- wealth of Australia. Nor, of course, is this the first loan that America has made to Australia or to the Australian States during recent years. In fact, the total of such borrowings is now well over £30,000,000.
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