1937-05-07 — Page 10

MOLINO

SHERRY

MOLINO

KREGISTERED)I

SHERRY

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THE CHINA MAIL, MAY 7, 1937.

The China Mail

pointment of M. Georges Bonnet, one of the foremost économic ex perts in France, as the French Ambassador to the United States, are two of the more Kong-significant straws in the wind.

Ninety-Second Year of Publication SA Wyndham Street, Hong

Telephone: 20022. London Office:

There is good reason, moreover, for believing that the Interna- 7, Garrick Street, London, W.C.2. tional Sugar Conference, which

Notice To Contributors.

is expected to complete its de- All communications intended for publication should be addressed to liberations to-morrow, is being the Editor, and be accompanied by used as a convenient cloak for further conversations between Writer's Name and Address, the three Governments.

the not necessarily for insertion but as a guarantee of good faith.

Subscription Ratež, men

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6

3

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ILE $9.00

Postage Abroad Extrà

Hong Kong, Friday, May 7, 1937.

THE CAUSE OF PEACE

F-

The value of a broadly based agreement between Great Bri- tain, France, and the United States for the liberation of inter- national tradę from some of its present shackles can hardly be exaggerated. Economic national- ism is the natural companion, of political nationalism, and there can be no hope of curbing the growing excesses of the latter if those of the former are left un- checked. There can be no doubt, moreover, that the increased When the statesmen of the world prosperity which ..would Empire meet in London in the result from the freer flow of in- next week or so at the first Im-ternational trade would, of itself, perial Conference to be called do much to relieve the present since that held in Ottawa nearly tension in international rela- five years ago, by far the most tions. In all too many instances, serious, as well as the most press- the people of Europe are to-day ing, problem confronting them being served the heady wine of will be that presented by the national aggressiveness because menacing international outlook of the lack of more materially, It is safe to say that at no time satisfying nourishment. The since the end of the World War negotiation of a tariff and quota has greater tension existed in the agreement by the three great de- realm of international relations mocracies of the world, which than at the present time. The are at the same time the three gravity of the situation can, greatest commercial Powers in perhaps, best be measured by the world, could not fail to bring the unparalleled size of the re-substantial benefits to each of armament -programme - upon them. But, besides saving them- which the British Government selves by their exertions, they has, after much hesitation and might well be able to claim, as misgiving, felt compelled to em-Pitt once did on behalf of Eng- bark. Agreement upon a com-land, that they had likewise prehensive plan for effective saved the world by their exam- Imperial defence is clearly one ple. The ability of the British of the first duties of the Con-Government to participate in ference, but of even more posi-such an agreement must depend, tive importance to the future however, upon the willingness of peace of the world

nature and the outer be the the forthcoming. Imperial Con-

of its ference to agree to a modification economic deliberations. That of the Ottawa agreements in cer- much of the existing political tain particulars. While it is im- tension in Europe is due to portant that the spirit and sub- économic causes, no well-mn-stance of the Ottawa agreements formed observer can possibly should be preserved, it is equally doubt. Political contentment is important that the Empire inseparable from economic con- statesmen should be willing to tentment, and, assuredly, politi-concede such modifications in cal stability cannot exist where them as are necessary to secure economic stability is lacking. a larger agreement for the The experience of the past three stimulation of world trade. It is years has shown conclusively well, at times of such critical that the problem of European decisions, to recall Burke's appeasement cannot be solved famous dictum that a great Em- along purely political lines, and pire and little minds go ill the growing attention which is together. now being given to the economic elements in the problem con- stitutes the one real ray of hope in an otherwise profoundly gloomy international outlook.

F

Liberal Policy

The first constructive move în the economic field was made last The Lloyd George Liberal September, when the Govern-party at its meetings in Buxton ments of Great Britain, France, shortly is to consider a number and the United States entered of important resolutions. One of into an agreement for the effec- these puts as the most urgent tive stabilisation of their cur-subjects for our Government the rencies. The beneficial effect of control of colonial territories, the this agreement depended large-distribution of raw materials, ly, however, upon the steps sub-the stabilisation of exchange, sequently taken to free interna- and the accessibility of markets. tional trade from some, at least, The Government is asked by the of the high tariffs, quotas, and resolution to make clear its will- other restrictions which are to ingness to meet genuine gricv- day strangling it. No concrete ances in connection with these steps have so far been taken by problems as part of a general the three great democratic settlement including the return Powers. but there are welcome to the League of countries which signs that further collaboration have left it and an agreement towards this end is at present, in upon all-round disarmament. The progress. ~The mysterious visit distressed areas have a promin- which the President of the Board ent place in the agenda, and the of Trade, Mr. Walter Runciman, resolution calls for courag recently paid to Washington, and action on a scale commensurate the almost contemporary ap with the problem.