But there was trouble still in connexion with obtaining supplies. Practically all countries owing money to Great Britain were unable to pay. Besides Italy, Denmark, Norway, Sweden, Greece and Switzerland proclaimed moratorlums. Brazil and Argentine defaulted. As we were not taking cotton from the United States, latter country could not pay interest on sums due to us As the Chancellor of the Exchequer said: "Our credit system had broken down completely that it did not allow us to buy @ single cargo of frozen meat in the Argentine; and yet the Argentine owes us £400,000,000. We could neither buy nor sell, though such a country as the United Btates owes us £1,000,000,000." Apart from the Government guaranteeing acceptances, we had to help countries like the United States to pay Rather an extraordinary step was taken, in lending the United States £20,000,000 in gold to ease exchange. A pool was formed of the £20,000,- 000 lent by us and £20,000,000 supplied by the American banks, and America was asked to deposit the gold at Ottawa. American Exchange was thus brought down 9 normal limits and business was re-ssu The Import of Sugar.
British territories. In the meanwhile, Germany herself was suffering more from her own prohibition order than Great Britain, and canceled the prohibition in order to obtain relief to her farmers by enabling them to sell their sugar. But the revocation came too late, as Great Britain had already prepared for emergencies and had the needed supply. At "he same time steps were taken that ths price in the country should aot ho raised by the retailers, © On October 19, however, slight modification was made in withdrawing the prohibition with regard to the import of sugar nto irish East Africa, West Africa, Gibralter, Malta and St. Helena.
Text read from the printed page and cleaned; old type leaves the occasional error.