金融時報:財政部的戰(zhàn)爭英雄

財政部的戰(zhàn)爭英雄

100年前一戰(zhàn)爆發(fā)。英國公務(wù)員們做了大量的工作支持戰(zhàn)爭，尤其是財政部的工作人員，為極為關(guān)鍵的戰(zhàn)爭融資立下了大功。英國財相奧斯本撰文說，我們應(yīng)該紀(jì)念這些幕后的英雄，了解他們的故事。

測試中可能遇到的詞匯和知識：

moratorium [,m?r?'t??r??m] 暫停（支付）

let off the hook 脫離困境

Bradburys ['brædb?ri] 英國一戰(zhàn)時發(fā)行的小面額鈔票，用以替代金幣等硬幣，由當(dāng)時的常任副財長Sir John Bradbury簽發(fā)。

Remember the quiet glory of the old soldiers of Whitehall （763 words）

By George Osborne, British chancellor

It is not often that civil servants from the UK Treasury are described as unsung heroes. But as we remember the outbreak of the first world war, and the momentous sacrifice of those who fought and died, spare a thought too for those in Whitehall who, though far from the field of battle, fought hard for their country.

A century ago, Britain was embarking on a war many predicted would be over by Christmas. Financial markets had no such faith. Faced with the threat of war, confidence deserted them, triggering an international financial breakdown. For the Treasury, the crisis erupted the week before Britain declared war.

Earlier this year I invited leading financial historian Professor Richard Roberts of King's College London to speak to Treasury civil servants about what happened next.

In the heat of the 1914 summer, the financial markets went into meltdown. Crowds gathered outside the Bank of England. The London Stock Exchange shut on July 31 and stayed closed for five months.

About 50 countries experienced bank runs or market crashes. For six weeks, almost all the world's stock exchanges were closed. “The credit system upon which the business of this country is founded has completely broken down,” an aide wrote to David Lloyd George, first of the three wartime chancellors. “It may be impossible to finance the great expenditure which the country may be forced to incur.”

To buy time, the Treasury announced a four-day bank holiday as it fought to pull Britain back from the brink. Rates were cut. A moratorium on debt repayments was announced. New banknotes were issued in small denominations, known as Bradburys because they were signed by the Treasury's permanent secretary. Then came unprecedented interventions to revive the markets and lending. It worked. When the banks reopened on Friday August 7, a run had been averted but the country was at war.

The Treasury's traditional role is to stop departments from spending too much. Now, as the country geared up for war, it had to help them push money out of the door. Government expenditure in 1913 was £300m. By 1918 it was £2.3bn.

Wartime tax revenues quadrupled. Levies on everything from tea and cocoa to coffee and beer were raised. Hat importers were slapped with an excise duty, only to be let off the hook when civil servants could not say what counted as a hat. Income taxes were increased and a version of corporation tax was brought in.

But tax could only raise so much and debt funded the lion's share. Short-term loans were provided by the Bank of England and the banks. Savers put away money in war loan bonds; a century later, 120,000 savers are still receiving interest on them.

Most importantly, Britain maintained the confidence of investors in the US. In 1914, a memo from a young Treasury official, John Maynard Keynes, persuaded the chancellor to maintain the gold standard. That, with the strong message sent by tax rises, kept US lenders' money flowing. Germany had no such luxury, finding it nearly impossible to borrow abroad. The

Treasury, never one to miss out on European negotiations (then or now), sent a representative to the Paris peace conference, and again it was Keynes. However, this time realism did not prevail. In the face of widespread determination to punish Germany, he could not persuade the conference to moderate the harsh terms of the peace. Horrified, he resigned from the Treasury and wrote to then prime minister Lloyd George: “I am slipping away from the scene of nightmare. I can do no more good here.”

Inside the Treasury building on Horse Guards Road a war memorial bears the names of 102 men, once workers in this building, who fought and died in that terrible war. In this centenary year especially we honour them. It is right that we should.

But let us not forget the work and ingenuity of those who toiled in London while their countrymen fought abroad. Andrew Bonar Law, the last of the wartime chancellors, reflected with pride on the Treasury's effort in August 1918. “Finance in war is not spectacular,” he wrote. “It does not appeal so vividly to the imagination… . [but it is] if not the most striking, by no means the least important of our achievements in the common cause.” He was right. For then, as now, national security is built on economic security.

請根據(jù)你所讀到的文章內(nèi)容，完成以下自測題目：

1.Who rightly predicted that the WWI was not a short conflict?

A.UK Treasury.

B.British press.

C.British military.

D.Financial markets.

答案(1)

2.What provided the “lion's share” of British government's war expenditure?

A.Money squeezed from other departments.

B.Taxes on comodites.

C.Duties on imported goods.

D.Loans and bonds.

答案(2)

3.Why did Keynes, then a young Treasury official, resigned after attending Paris peace conference?

A.His opinion of not punishing Germany harshly was ignored.

B.He failed to negotiate favorable terms for Britain.

C.He was horrified by the mess in the conference.

答案(3)

* * *

(1)答案：D.Financial markets.

解釋：大戰(zhàn)一開始，投資者們就對戰(zhàn)爭速決不抱信心，世界性的金融市場崩潰隨之來臨。

(2)答案：D.Loans and bonds.

解釋：文章第九段說But tax could only raise so much and debt funded the lion's share. 英國發(fā)達(dá)的金融市場和財政部出色的發(fā)債工作是德國所沒有的，甚至有足夠的政府信用發(fā)行百年債券融資，并且可以在美國發(fā)債。

(3)答案：A.His opinion of not punishing Germany harshly was ignored.

解釋：當(dāng)時幾乎整個歐洲都想拼命懲罰德國、索取德國不可能承擔(dān)的天價賠款。凱恩斯隨后寫下了著名的《和約的經(jīng)濟(jì)后果》一書，分析了和約的缺陷，并提出了一些補(bǔ)救辦法。但遺憾的是事實(shí)正如他所擔(dān)心的那樣。