Excerpt from The Story of Canada's War Finance In mid-summer of 1915 we determined to float as large a loan as possible in New York. We had thought of this at an earlier date, but it was not clear that either the Government or public opinion in the United States would favour a public offering there by one of the belligerent nations. The American people had, however, gradually come to realize the real issues of the struggle, and sympathy with the Allied cause was widespread in business and financial circles, especially in the East. The Allies were vast purchasers of American products of every kind. In order to continue their purchases it was known in financial circles that Britain and France would be obliged later to raise a loan in the United States. The suggestion that Canada should pave the way was therefore regarded with favour. The American public generally was more friendly towards Canada than to Great Britain, and it was not thought that serious objection would be raised in any quarter towards our borrowing in New York. Never theless, so sensitive was the situation that we decided to borrow not for war purposes but for public works and other capital expenditure. This would take the loan out of the category of a war issue, and would serve our purpose just as well, because the proceeds of the loan would liberate for war purposes just that amount of our own revenues which could then be applied for the purposes of war. It was as broad as it was long. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.