Finance.

The article comments on the financial markets and the British war loan. After Great Britain had announced its new $1,250,000,000 war loan with an interest rate of 4.5 per cent, less than this meant formal recognition of a rise in the price of capital and that therefore all other new securities issued anywhere must pay a higher rate of interest than before. As the war goes on, one shall get many new impressions and learn many new lessons. But even regarding the strain on Europe, people who draw conclusions should make sure they understand what are the real resources of the world's capital. It might be inferred, that the rate of interest on all new securities must be raised, and that the prices of all other outstanding bonds must fall.