Page:The New Protectionism.djvu/125

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THE CASE OF AGRICULTURE
101

financial penetration by means of which the great German banks have operated in foreign countries, not by silly accusations of "aggression," but by intelligent imitation. Credit is the great instrument of expanding trade. We have in Great Britain a huge latent reservoir of unused or ill-used credit. Though our banks are not in their existing structure adapted to the more adventurous work done by such institutions as the Deutsche Bank in launching and financing great industrial and trading enterprises, other modes of organizing credit for such purposes are open to us. One of the revelations of the war has been that of the great national reserve of credit available in time of need for galvanizing into life the stiffening sinews of our banking and financial system, and for supporting the vast expenditure upon the war of our country and our Allies. The establishment of Credit Institutions in this country, furnished with sufficient capital to play the part taken by the German banks in initiating and maintaining

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