APPENDIX 
673 
(XVIII) In his very thorough and stimulating book “The Evo- 
lution of the London Money Market,” (London, 1915) Mr. E. T. 
Powell made an interesting plea for international cooperation in the 
security business. Citing the need for an authoritative international 
code applicable to all internationally negotiable securities, he quotes 
(p. 562) the address by Mr. H. D. Jencken before the London Institute 
of Bankers: “Of the importance of the question of establishing inter- 
national rules regulating the rights and liabilities of the holders of 
negotiable securities, no doubt can be entertained. These negotiable 
instruments are the carriers of the accumulated capital of civilized 
races; the enormous total they represent is divided up among men of 
every grade, of every class of social life; by the millionaire bankers, 
he artizans or the peasants, wherever we travel we find these securi- 
ies treasured up as the ultimate resources of families, the reserve to 
fall back upon in the hour of need. Proportionally, as international 
intercourse and commerce increase, the need becomes more urgent, 
hat these securities should be based upon a uniform system of law 
and practice, universally recognized in Europe and in the transoceanic 
continents inhabited by Europeans.” 
Powell goes on to declare that if medieval intellects could evolve 
and apply the Law Merchant, we should not today hesitate at inter- 
national financial regulation, enacted and enforced by a cosmopolitan 
money power. He quotes the statement of Zangwell that “in the 
security necessary for international investments lies the prime hope 
of the world’s peace.” He goes on to declare that finance is in 
reality a mode of pacific assimilation which, spreading ceaselessly over 
the world, correlates all human activity, allays class struggles and 
pacifies clashes between nations. “Under financial inspiration,” he 
asserts, “we think internationally.” 
Powell was especially interested in the ancient ideal represented 
by the Law Merchant as a code of international jurisprudence (p. 
697). If, he argues, this code could have been applicable when 
:ransportation was slow and communication very difficult, its utility 
today would be a thousand times greater, and therefore its reattain- 
ment is all the more necessary. For this, he thinks, a cosmopolitan 
control would be necessar