“ Thus any precedents of decisions by the United States Courts allowing foreign corporations to vary contracts for repayment are irrelevant to the case of the Anglo-French Fives, which, having been issued under a contract made in America, are in effect American, not foreign, loans. As for the security for this loan of 500 million dollars, it can hardly be a matter for question. ”

“ American subscribers thereto have, as collateral security for repayments, bonds, mostly American, deposited with American Trust Companies which provide, with ample margin, for the repayment of the loans at their due date even if the capital cities of every one of the Allies were destroyed by a thunderbolt. The only "unsecured" loan offered publicly by Great Britain in the United States is the issue of Anglo-French Fives, dated October 15th, 1915—the first loan, in fact, to be offered to the American investor by the English Government. ”

“ Statisticians (including Dr. Helferrich, subsequently German Finance Minister) have agreed in estimating the wealth of Great Britain and Ireland alone at anything from 75,000 to 110,000 million dollars; and that of France at 50,000 to 70,000 million dollars, or at least 250 times the amount of the principal of the Anglo-French 5% Loan. The minimum estimate of the wealth of Britain alone is equal to 75 times the total amount lent by the American investor to the British Government. ”