4 SEPTEMBER 1915, Page 14

THE AMERICAN EXCHANGES. [To THE EDITOR OP THE "..SPECTATOR."] SIE,—YOUF

article entitled "The American Exchanges " which appeared in the Spectator of August 21st puts forward three ways of discharging our growing indebtedness to America—i.e., by (1) the shipment of gold, (2) the sale of American securities, (3) the issue of a British Government loan in New York. Might not a fourth way be by free British insurance of United States shipping P—I am, Sir, &e., South View, Henjield, Sussex. R. D. SHARP.