Nelson's history of the war. Vol. XI., The struggle for the Dvina, and the great invasion of Serbia

78 HISTORY OF THE WAR.

private commercial credits were arranged in the United States for the same end to the amount of some £30,000,000. These various expedients did not clear the situation, but they greatly eased it, and they pointed a way to a continuous policy on the subject based upon the frank co-operation of American business men.*

One further proposal must be noted, for it had immense significance for the future of the British Empire. The whole Empire, and not Britain alone, was at war, and the resources of the whole Empire, if they could be pooled, were greater than those of any other state in the world. Hitherto Britain had been the lender, and the Dominions the borrower ; but men began to ask whether the position could not be reversed. The practical form of the proposal was that the greater Dominions, from whom Britain was purchasing large quantities of food and war stores, should not be paid immediately by Britain for such purchases, but that the Colonial producers should be paid by their respective Governments, who would float for the purpose a loan or create a currency, which would be secured by the whole Imperial credit. The Dominions had already given most generously their manhood ; they

* The question of the French and Russian exchanges is too lengthy and complicated for discussion in these pages. But it may be noted that early in October an effort was made to help the Russian situation by providing a Russian commercial credit in London. The Bank of England ar~ ranged that approved Russian banks should draw three months’ bills in sterling on certain London banks and financial houses, which would be discounted at the current rates in the London market and the proceeds placed to the credit of the Russian Government.

iy fuse aR ame