A WHISKY
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AT
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drink
SPARKLE 'and 'ZEST
and TANG.
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Australian Summe
we
shiver
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Obtainable
leading
AUSTRALIAN BUTTER
THE CHINA MAIL, MARCH 8, 1939⠀
Ito control as 'n result of the Gove eriment's control of the supplies they needed.
The China Mall
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Control fed on control, from the single, field of foreign ex- change to trade and manufacture. And meanwhile, as Germany's efforts to increase employment through debt-creating public works increased purchasing pow- er among consumers, the ques- tion of controlling prices arose. Public works were not producing
7, Garrick Street, London, W.C.2 foodstuffs and other commodities
that consumers needed, and prices for these would have risen precipitously without new restric tions. Price controls in their turn have fostered still other regula- tions to prevent people from leav- ing industries less profitable un- Ander the controls for others which
are more profitable.
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ECONOMICS OF DICTATORSHIP
All this time, it is true, of- ficial utterances have clothed de- velopments in the garments of an economic philosophy, the most appealing tenet of which is Herr Hitler's dictum that the value of the mark depends on the quanti- ty and quality of German labour. Within the walls of an economic fortress this can seem true. But the German standard of living de- pends also on Germany's trade with other countries. The ener- getic efforts of Dr. Schacht's suc- cessor to increase such trade re- cognize this fact.
The Lessons Of History
The average citizen is constant-
In a recent speech. in Britain, Sir Charles Grant Robertson, pré- sident of the Historical Associa- Nearly two years before Adolf tion, laid stress on the fact that Hitler came to absolute power, the roots of many great issues at Germany had embarked on that present before the world lie deep course which led to the removal in the past; and he urged histor- of Dr. Schacht from the Presi+ fans to keep before the nation the dency of the Reichsbank to make importance of the study of his way for the more radical Dr. tory. Funk. That is a striking fact. It shows National Socialism, not as an originator of an economic phily in need of such a reminder, not losophy which by theoretical altogether because he undervalues soundness should encompass all the lessons of history,” but also German enterprise, but as an heir because he is apt to think that to expediency, for the success of they are such that he who runs which it has been obliged to pile may read; whereas, in fact, wide and comprehensive reading is ne- expedient upon expedient.
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cessary to assimilate any of them In 1931, with severe financial truly. As Mr. E E. Kellett said depression in the world's 'money lately, it has become in- capitals, and the moratorium on creasingly plain that history is German debts, foreign lending to no longer an affair for a single Germany suddenly ceased.
man, even if like Macaulay, he value of German currency being deale, în a thousand pages, with in large measure dependent on but a dozen years. The les credit from abroad, this would sons each specialist implicitly have resulted in a slump in the teaches will vary with the man value of the mark had not Ger and his theme. many adopted foreign exchange restrictions.
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In addition, modern research has shown that the individual By adopting them, Germany, historian, -- however, determined however, took the first step to upon impartiality, has seldom or ward economic totalitarianism, never been able to escape entire- and even now, as Dr. Schacht ly the influence of his own pre- steps down, appears not to have conceptions and inherent sympa taken the last in a programme thies: partrictism or political ever more restrictive on the indi- leanings have often Insensibly vidual whether he be financier. biased his outlook, or he has re industrialist or worker.
membered too well that, as Pro-
If exchange restriction of it-fessor Trevelyan put it, Clio self could have tided the mark a Muse, which has led him, invo- over that first period of shock, luntarily to desert strict accuracy It is possible the history of Ger at the lure of rhetoric and the many would have been much dit moving passage. In particular, ferent. But, as a study in the the partisan and patriotic view British Commonwealth quarterly, has always been in evidence in the Round Table, points out, ex- the school textbooks of every, na- change restrictions were subject tion; and although, outside of the to avoidance by cunning traders totalitarian States, there ha who tampered with invoices and an improvement in recent years, in other ways nullified the regu- the tendency is naturally, lations. To check these abuses tremely difficult one to overcome. the Government. Imposed export The citizen, therefore, needs to and import supervision. This pos, realize the full emphasis on the Scessity nd the problem of choosing among word “study", "and imports necessary to German in-for summing up carefully for himself in the knowledge af sev- eral and differing verdicts, if he
tries
ed materials
liable