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THE CHINA MAIL, MARCH 7, 1940'
MIRROR OF WORLD
OPINION
RUSSIAN OIL
THE EXPORT DRIVÈ schemes that they make use of the Reports from manufacturing cen- existing voluntary organisations tres in different parts of the country the Chambers of Commerce and the show that the Export Council ap- local branches of the Federation of pointed by Sir Andrew Duncan is British Industries instead of setting already doing good work. Its goal is up new official ad hoc bodies, of which to increase the value of exports from too many are already in existence.- £438,000,000 to at least £800,000,000 "The Times," In order to assist in providing the foreign exchange needed to pay for the increased imports of munitions,
is German-Russian Alliance raw materials, and food. This goal
a disap- is not nearly so ambitious as it looks, commonly represented as since world wholesale prices have pointment for Germany because she risen considerably during the past is not getting what she was expect- twelve months and sterling has been ed to get from Russia. But the Ger-. depreciated in terms of the dollar and mans have always been well inform→ other currencies. The slight increase ed about Russia and, they can have in the sterling value of our exports had no illusions about her military last month disguises an actual fall and economic strength. The German in Moscow, who both in quantities and in the amount Military Attache
The
with
the
of imports for which they enable the helped to build up the Red Army, was country to provide payment. Where also able to observe how Stalin des- Nor as the value of the month's exports troyed the elite in that Army. was 4 per cent. greater than that of have the German economic and in- who January last year, the rise in the dustrial engineering experts, value of imports was 39 per cent. The have for years been close observers visible adverse balance of trade-and of Russia,, had
any illusions this is the figure to watch-was near- regard to the state of Russian trade, ly double' that of twelve months ago. industry, and transport. Where To some extent these figures may re-, Germans may well have been mis- flect a deliberate policy of restocking taken is that even they can hardly as a safeguard against possible ship have foreseen the Finnish victories, ping difficulties in the future. To which have imposed sufficient strain industrial some extent the additional freight on Russia to affect her revenue, where the goods have been efficiency in a way that must be re- carried in British ships, constitutes an ducing her exportable surplus. The invisible export to set off against the common belief that Russia would be- oll re- adverse visible balance. But, when come Germany's principal every allowance has been made, the serve in war-time is largely falla- returns must be regarded as another cious. Russia's oil production must, be absorbed by urgent call for an intensive drive to for the most part,
CLOTHING, BLANKETS, EIDERDOWNS, FURNISHINGS stimulate exports and to cut down her own industries and transport, es-
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SO
the
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pecially now that the Finnish war Russia's Industrialists are eager to respond has raised consumption. to the call by a great increase in their methods of refining are so backward production for export; but they need that she has to import the finer grades assurance that they will be able to of oil herself. She can, no doubt, ex- materials, port a certain amount of crude oil Gloucester Bldg., 2nd Flr., Tel. 28938 obtain the necessary raw
and that they will not be placed at a from Baku. It might reach Germany Kowloon Depot,
disadvantage in comparison with less via Batum and Bulgaria or Rumania; patriotic manufacturers who
con- the Danube is now frozen over, centrate on supplying the more pro- that this, the chief highway between fitable home market. In many bran- Germany and the Black Sea, is clos- ches they will need help in dispos- ed for the time being. A certain ing of their goods abroad, for indus- amount of oil is produced in trialists generally do not share the Urals, but the difficulties of over- complacent as - sumption to which Ministers and others have given expression, that the world at present. is a seller's market and that exports can be turned on as by tap so long as there is a sufficient supply of raw materials, la- bour, and facturing equip- ment. It is true that German com- petition has been excluded from many markets; but there are plenty of neutrals eager to take advantage of this opening;
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a
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A merciless doom has fallen upon the Polish people since the German conquest. The last four months of that regime have been an example of systematic: 'an- slavement, degradation, despoil. ment and expulsion without par- allel in history. The situation' is different from conditions In the. 'Soviet half of the partitioned ter- ritories. There whatever the other consequences of the Com- munist class-vendetta—the rem nant of the Poles proper have some chance to preserve their distinctive character as they did under the former Partitions. On the Russian side, their souls are: not wholly annihilated.). L. Garvin.
land transport are considerable. by reason of the great distance and the condition of the Russian railways The oil wells of Eastern Galicia, which were Polish once and are now Russian, were bad- ly damaged by the Poles during their retreat. The yield was poor at the best of times. It is evident that Eastern Galicia is being exploited more and more by the Germans, and in time the oll wells will no doubt give A small ex-
who are exempt from the portable yield under German manage-
war
con-ment,
indus-
Broadly speaking,
50
handicaps imposed by ditions
British upon
the export of try. As Mr. Francis Grundy, the Russian oil to Germany is not big President of the Manchester Chamber enough to cause the Allies any great of Commerce, has put it, the desired uneasiness. It is only if the war results cannot be achieved by selling goes on for several years that the what goods can be scraped out of the Russian oll pröduction could, be clutches of the controllers to sellers far improved with the help of Ger- waiting on the door-step; what is man engineers and managers that It Ger- needed is a survey of the position, a could perceptibly redress the choice of objectives in the order of man oil shortage. The chief econo- their value as contributions to vic mic advantage" which Germany ob- tory, and vigorous Government lea- tains from the Russian alliance is dership to attain these objectives, certainly the considerable supplies of This leadership, which was lacking gold which are now reaching her. It throughout the first few months of is uncertain how much oil Germany the war, is now being given by the has been able to store. The estimates Export Council with every prospect differ widely. She certainly has to of substantial success. Schemes to ecótiomise severely, and it may well ensure that manufactures for export be that her apparent lack of enter-
in
air the result. should have a préférential claim on- raw materials are being put into Phortage in oll. Supplies or of her effect in the cotton. and other sia cannot save her stocks of oil from- trades, and arrangements are being being reduced by warfare but they made With the Ministry of Shipping may, in time, help to decrease the
"Mant to ensure continued supplies. is an speed excellent feature of these Flority Guardian."
גן ו —
Pa
Pa
WILL
THE CHINA MAIL, MARCH 7, 1940
Mr.
For