entitled "England's Financial Supremacy," contains a translation of
a series of articles from the _Frankfurter Zeitung_, and from this
witness we are able to get some information which may be valuable, and
is certainly interesting.

The basis of England's financial supremacy is recapitulated as follows
by this devil's advocate:--

"The influence of history, a mighty empire, a cosmopolitan Stock
Exchange, intimate business connections throughout the whole world,
cheap money, a free gold market, steady exchanges, an almost unlimited
market for capital and an excellent credit system, an elastic system
of company legislation, a model Insurance organisation and the help of
Germans, these are the factors that have created England's financial
supremacy. Perhaps we have omitted one other factor, the errors and
omissions of other nations."

Coming closer to detail, our critic says, with regard to the
international nature of the business done on the London Stock
Exchange:--

"In recent years London had almost lost its place as the busiest stock
market in the world. New York, as a rule, Berlin on many occasions,
could show more dealings than London. But there was no denying the
international character of its business. This was due to England's
position of company promoter and money lender to the world; to the way
in which new capital was issued there; to its Stock Exchange rules,
so independent of legislative and Treasury interference; to the
international character of its Stock Exchange members, and to the
cosmopolitan character of its clients,"