1922-02-02 — Page 5

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CABLES.

LATEST CABLES. (THROUDK KAUTER'S AGENOT.)

OBINESE GIRLS AT 30 EACH.

BALVATION

STARTLING ANNOUNCEMENT.

LONDON, January Bist.

ARMY LEADER'S

The Salvation Army Ens bought a hundred girls in China from their par ants at thirty shillings each. This startling announcement was made at Westminster by General Booth who explained that he instructed the measure with the object of saving them from a life of shame. Local officers desired to buy more girls in the famine districts, but the cost of main- tennace was fou great. The intention was to train the girls in Salvationist work so that they might become energetia work- ers among their own people,

Twenty Indian girls were present at the meeting, from the Salvationist Industrial Home in India, where, General Booth said, the army iatened to develop its children's work,

GERMAN CAPITAL SMUGGLED ABROAD,

TAXATION.

BERLIN, January 31st." It is stated that negotiations are pro ceeding between lending German" and foreign banks for the purpose" of ascor taining the amount of capital aruggled from Germany, with a view to bringing 1 within the scope of German taxation, The Ruwspaper Rundschau says that be tween 10 and 50 thousand million marks

THE HONGKONG

LATEST CABLES.

$40,000,000 HEIRESS MARRIES

· WORKMAN.

Chicago, Janúary 31st. Mrs. Marion Stephan, an heiress esti- mated to be worth forty million dollars, bas arranged to marry a Russian work man named Vansiątaky, who is employed ia a Philadelphia factory. It is report- ed that they will subsequently reside, in compliance with his deaire, in a factory district near the works. The romance began in Paris where the lady was im pressed with the stirring war stories told by Vansiatsky, who served in Koltchak's Army in Siberia.

EARLIER CABLES.

the

DAILY PRESS, THURSDAY, FEBRUARY MD), 1932,

PRIME MINISTER AND GERMAN REPARATION.

UNEMPLOYMENT PROBLEM-

meat.

IRELAND AND ENGLAND. ECONOMIC INTERDEPENDENCE.

the

the sume

SHIPPING PROSPECTS

BRIGHTER

FALLING COSTS. BRITISH TRADE SHIP'S GOOD OMEN.

The

very dis

Some striking figures illustrating the

INDUSTRIOUS GERMANS." Mr. Lloyd George received at the

economic interdependence of Ireland and House of Commons a depatation from England are set out in a pamphlet immed

EY ARCHIBALD HUED.]

The board of the British Trade ship, the Labour party, who put before him by the Tariff Commission.

Ltd, of which Earl Grey is chairmang wide range and embracing the subjects their conference resolution, covering a

The value of Ireland's exports in 1990

Shipowner, however dark the "clouds, published in December information on was £204,715,000, and the value of her are always optimists, and as the speeches costs of production as another sign of of international trade and a systems of

importa was £203,750,000, these figures of Lord Inchcape, Sir Owen Philipps the tendency to get the prices of British stabilisation of the orchanges, the revi- £45,034,000 respectively as compared with the President of the Chamber of Ship manufactures down to the level where ex credita, the stabilisation of credits, the showing an increase of £28,883,000 and sion of the indemnity obligations and the provious year. The data are not yet ping), Sir Frederick Lewis, Sir W. J. parts may begin again to flow."''

in available for an analysis of last year's Noble, and other leaders territorial and economic clauses in the Fence Treaty, and the canceliation of figures, imt of Ireland's total exports of revealed, they are by no have recently mates forginal agures on which the esti employmest problem. war indebtedness, in relation to the us: 176,000,000 in 1019 about £173,000,000 hearted at this critical juncture, though were based are now almost a year old. the building of the Trade Ship They also urged went direct to other countries. Of Ire- there is a good deal to depress them.

lard's importa in

Since then, they state, manufacturing that unemployment should be a national

year The Chamber of Shipping's index towards declino.

and other costs have shown a tendeney ment should reverse, its international Great Britain, and £26,000,000, or 17 per revealed in last week's issue of the of cost have fallen only slightly during charge and concern, and that Govern £133,000,000 or 83 per cent., came from ber of freights for

November. ਮਨ WAS

Although many items policy and recognise the Russian Govern cat, from other countries, mostly from "Statist," is twenty-nine, as compared this period, yet there has been a

United States and Cazada,

with thirty for October, and 141 for tinct fall in prices in the following parts ME LLOYD GROROK'S SPEECH.

More than half of Ireland's exports (53 March of lust Mr. Lloyd George said he desired at per cent.) cochisted of farm produce, mare rapidly thr Freights have fallen of ship's construction and equipment.

thaa wholesale prices, and food, drink and tobacco. Practically all much more rapidly than retail prices, and windlasses, baths, sanitary fittings, the outset to say that there were certain

Steel plates, sections, rivots, winches THE GENOA CONFERENCE.

underlying causes for our unemployment the remainder (13 per cent.) were manu prividing a commentary upon the sugale, anchors and cables, wire and Manila which Governments could cbt touch factured goods, leaving per cent for gestion, which was once made with as- ropes, paints and varaishey, and timber. DIFFERENCES AMONG ALLIES.

either by mending old devising new ones. First, Great Britain Ireland supplied the whole, or practical-governs the suma paid for goods in gen indicated, show a further decline if Bri policies of raw materials In foodstuffs and aclimals surance, that the cost of acs carries drop, but must, as Lord Inchcapo haa Labour costs are beginning to`show a LONDON, January alat

before the war was a creditor nation toy the whole, of the import needs nferal consumption. In point of fact, ofish merchant shipping is to meet work? The dificulties of holding the Cenor the extent of £4,000,000,000, and she drew Great Britain in the following commodi- course, the amount paid for conveying Conferance are emphasised by the French from her investments abroad an interest bios: Cattle, sheep, and lambs, pigs, hay, pound of ment, ten, sugar, of Bour half competition.

It is declared that the of about £200,000,000 annually. All that derart proportion of the import need of inappreciable.

Ireland also supplied a propon- across the world is so small as Press to-day.

Anticipating, a further fall, not only negotiations on the subject of the pro

was spent at home. It went in one way. grizome have developed such differences another to the payment of labour

Great Britain in eggs, poultry, and vantages which we gain from living in aging, the board of the British Trade That is vas of the ad-in the cost of construction. but also of among the Allies that a postponement is

And likely, at least till after Easter.

it was now mostly disipated. In nearly one-half in the case of manufac sa island, and we have the knowledge Ship has at once decided to give the ex the second place, we saved before the war

tured tobacco.

that we pay the competitive price to the hibitors the present and prospective ad- nually, and we invested this abroad or betweeri 300 and 400 millions sterling an

Of the manufactured exports of Ire shipowner, always in rivalry with ship Fantage by reducing the cost of space by land about one-half are textiles, chiefly owners in other countries, with the result 33 per cent. This reduction also applies at home. All the annual savings, licen, which all comes to Great Britain that, prior to the war. only about 8 per to the cost of sending a representative of and development of our industry. therefore, led to increase of our exports for the British home markes or for recent was, on the average, carned on the the firm on tour ir

We export. The United States returns show large volume of capital invested in the reduction will be atrospective

40 ship itself. could no longer do that.

an importation into that country of industry. £3,750,000 worth of. Irish linens. With regard to Germany, the Germanside that country, and especially upon

The spirit of optimism which ship dependence of Ireland upon markets out- owners are reflecting is based probably on a general impression that economia

The French view is that the problems of immediate interest between the Allica should be settled before the immense and oe question of European reconstruc. remote tion is undertaken..

The Ochiere goes so far as to declare that the Anglo-French conversations have become a diplomatic conflict. It accuses January 1st, of precipitating the com- flict, which it prophesies will become bitter

11

THE UNREST IN INDIA. »

SIR FREDERICK LUGARD'S SUGGESTED REMEDY.

DAN GERMAN FINANCIAL CRI918.

horses

The

to bo

д

marks before their value saak any lower. I percontage po: head is the largest is the ected with industry and commerce in feaacc of this reduction, decided upon

The The terms for exhibiting ars forthwith BRINGING IT WITHIN SCOPE OF Mr. Lloyd George, in his speech of people were living under a prolongation the markets of Great Britain, is further conditions throughout the world are im-of about £400. First-class cabin accom.

reduced froth between 100 and £1,350 » for stalls to $1,400 and 2900 respectively. The cost of showcases and counter-cases is similarly reduced to an average charge of the unhealthy conditions of the war. Credit was being manufactured by the shown by the fact that the exports from proving, and that, as a result, there will modation for isti issue of paper money, and many con-

Ireland in 1019 amounted to £99 per head ditions were producing purely artificial

of the population, while the correspond-be carried.

trade representative be or pre ortaking the whole voyage of 18 For instance, the rapit irting figure for the United Kingdom was a turn for the better, and the concordat including all meals taken on board the production.

has undoubtedly taken months is reduced to the sum of £1,000; flation of the mark had led to the sudden arises in a marked degree from its de/reached at Washington will do much to lähip.

£17. Thus, the prosperity of Ireland demand everywhere for commodities, because everybody wished to get rid of pendence upon Great Britain, for this

stimulate the courage of everyone "con-

The statement adds: The signia- There was an inevitable Nemesis to con

world

this

and other countries. The delibera-afor a review of the whole industrial LONDON, January 31st. Sir Frederck Lugard, in a letter to the told him last week that there must be pamphlet say, "is both the natural and that means that business onn be done from the fact that the board of the Trade

ditions of this kind. Dr. Rathenau

tions on the side of the Atlatie have a tuation, so far as shipbuilding and Great Britain," the writers of the already reacted on the exchanges, and shipping are concerned, gains emphasis had Times, expresses the opinion that an an absolute collapse in Germany within secun mistet of triclinal anmports with greater confidence. Apart from all Ship includes business mean of the type extension of self-government is the best remedy for the unrest in India. He sugat present. Did the Labour party really a very short time if "things went on as

from Ireland of agricultural food this, unemployment is teaching its harsh of Sir G. B. Hunter and Mr. J. W. gests that the boundaries of well-ordered suggest that we should adept such pro-

products form 16.4 per cent of the total leason, that if men would live they must Beaumont Peaas, the deputy chairman of British imports of there products, and work, and that no Government, however Lloyds Bank Ltd. ed as largely as possible and the native for taking any such stops to deal with dynastics be reinstated where possible.

maintenance of that economic connection. As an illustration of the failure of Gov-fry in the New Year.

The reduction is a This would not involve any reversal of if we did so, might last for two or three our unemployment. The improvement,

Irrespective of that with Great Briain, orament intervention, we have the un- policy. The machinery of the Govern years; but in the end our unemployment except in the textile industries, act any appy case of the American mercantile

the external trade of Ireland is small ment of India Act would continue to would have risen to five or six millions. operate, though the area to which it would and the value of the money earred would

eerious breach in the existing economic economic power of the United States

marine. be applicable would be gradually curtail have decreased enormously.

It has behind it all the relations between Great Britain and

Government, and yet nearly 75 per cent. Ireland would involve not only recon of the Shipping Board's feet of steel ed, while the Council of Princes might form the basis of a Federation on similar was no question of extracting an in-

He now came to reparations.

There struction in Ireland, but also reconstruc ships are idle, quite apart from the dis. D. E. Littlewood, of the County School, tion in Great Britain of large organised carded wooden vessels which were built Tottenham, who has just gained an oper lines to that of Malaya

demaity from Germary; there was only

interests not only finen, shipbuilding during the war. It is beyond the power scholarship in mathematics at Trinity the payment of reparation for devastatedcbacco, and brewing and distilling, but of any Government to interefore bene College, Cambridge, to the value of 650 areas and destruction of shipping, and also banking, insurance ash cavity 10 Bcially with the action, and reaction of liter de was placed third on the list- the payment of war

No in invested.

which large sums of British demnity was being

beyond this

In order to determine the economic laws, and workers ashore and Littlewood entered thie Middlesex second- effect of a system yet towards the devastated areas. She100

af Great Britain and Ire can only be paid what they earn.

Bo had only partly paid for the cost of the

land, it

far as shipping is concerned, the present Park Coursil School. necesary to concentrate attenfreights, as Lord Inchcape has pointed

ing won a scholarship frown" Woodlands Armies of Occupation.

tion on the economic factors governing Was it really those relations.

He obtained a The economic inter-

out," do suggested that we should not insist o which she had doze! We had lost in

not cover in most case the cost Middlesex junior scholarship in 1819. and her paying reparation for the damage manifcet

dependence of the

two countries, is of operating the ships, owing to the high passed the matriculation examination in that ships and other ways, even if we had no devastated areas, and he did not think

wages of seamen and others and the coat

1990 and the higher school examination any ecorbomic policy would seem to require those items account has to be taken af State scholarship to be held in 1999. adjustment of of coal and stores, and over and above 1921 of the University of Londen, on any responsible person in Great Britain through me permaneat body repre-

action continuously exercised administrative expenses and

the result of which he was awarded a had ever suggested that reparation for

sentative both of Great Britain and

wage of capital," for no industry can This is a striking example of the way in actual damage done should not be

Irolanti."

be healthy which deca not attract fresh which it is possible to mount the edpen- ed

capital to it. Capital is not getting its tional Ladder leading from the cementary

wage just now..

school to the university.

have been smuggled into Switzerland and loyal native States should bo extend } coedings? He would not be responsible irish prosperity is dependent upon the benevolent, can save them from suffering. good omen for British trade and indus.

alone.

The President of the Reichsbank informed the Reichstag that foreign

mpsey, now in the Reichsbank vaults are equivalent to seventy-five million gold

marka.

DUNLOP "COMPANY'S BAD- YEAR.

AUSTRALIAN COMMERCIAL

POLICY.

demons

THE EDUCATIONAL LADDER.

A notable success has been won by

A WESTEEN NATION WITH AN Germany had not even begun to pay the relative of fiscal autonomy afloat are beginning to realise that they ary school with a free place in 1918, hay-

EASTERN TRADE OUTLOOK."

LOSS OF OVER EIGHT MILLION

** STERLING.

LONDON, January 31st. The huge loss of £8,320,000 is disclosed in

LONDON, January-dist. Sir Joseph Cook, High Commissioner the Dunlop Eubber Company's annual for Australia in London, interviewed by Reuter, expressed a wish to cultivate report for the year ending August 31st, cordial relations between Australia and It is chiefly due the

to enormous the other Dominicas, also the Far East, concerning which Sir Joseph emphasised shrinkage in the market price of stocks the efforts being made by Australia to und raw material, principally rubber and develop new channels of trade.

One Trade Commissioner had been in the East cotton. The reserve account now stands for two years and another had just been at £2,750,000.

appointed Australia was looking East for the disposal of many of its manu- THE SHANTUNG SETTLEMENT tion of raw products, which was gradu- factures. Apart from greater consump ally and surely taking place, he described FORMAL ANNOUNCEMENT WITH-Australia as a Western nation with an

Eastern trade outlook.

HELD.

WASHINGTON, January 31st.

The formal announcement of the Sino- Japanese settlement of the Shantung question will probably be withheld until February lat, when it is expected that Mr. Ballour and Mr. Hughes will make > statement.

14

ALLIED DEBTS TO 0.8. SENATE PASSES IMPORTANT: BILL.

WASHINGTON, February 1st. The Senate has passed a bill authoris ing a special treasury commission to fand Allied Debts of eleven milliard, dollars into securities maturing in not more than twenty-five years, at interest not exceeding four and a half per cent. DEPORTED FROM EGYPT. ZAGHLOUL AND OTHERS GOING TO SEYCHELLES.

.

CAIRO, February 1st. Zaghloul and other deportees are being deported to the Seychelles, which is their final destination.

THE BOXING RING. DEMPSEY PLANS TO RETIRE.

LOS ANGELES, January 31d. The Examiner states that Dempsey is planning to retire from the ring in two years

EARLIER CABLES, FRENCH TRADE IN 1921, LONDON, January 31st. The official returns of French trade for 1321 ahow: imports Fr. 23,648,000,000 com. pared with Fr. 49,904,000,000 in 1990; exports Fr. 21,653,000,000 compared with Fr. 20,804,000,000. The imports totalled 37,937,000 tona compared with 50,531,000 tons; and the exports 18,001,000 tons com mazed with, 19,855,000 fons.

SHANTUNG RAILWAY

PROBLEM:

DEFINITE SETTLEMENT

EXPECTED.

WASHINGTON, January 31st. The basis of the Shantung settlement is understood to be a plan supported by President Harding providing that China shall pay for the Tsingtao-Tsinanfu Rail- way in Treasury notes, and that Japan eoc experts shall be retained in the payment. It was sanoandod. that the operating personnel during the period of delegates would meet again to-morrow to work out the remaining details. definite settlement will be announced be- Dr. Wellington Koo stated that a final fore tomorrow evening.

NOBEL PEACE PRIZE. THE CLAIM OF WOMEN.

CHRISTIANIA, January 31st. The National Council of Norwegian Women Starthing, that the Nobel Peace Prize for has been endorsed by the President of the 1529 be given to the International Coun. cil of Women.

THE NON-CO-OPERATION MOVEMENT IN INDIA. WOMEN 'AMONG THE SPEAKERS.

CALOUTTA, January 31st. The police dispersed & Non-Co-opera- tion meeting, at which the speakers in cluded Bengales and Punjabi ladios, and Arrested 108 mon.

THE GERMAN CABINET, "NEW" FOREIGN MINISTER APPOINTED.

BERLIK, January 31st. Dr. Rathenau has been appointed Minister of Foreign Affairs. Ho succeeds the Chancellor (Herr Wirth) who has been acting Foreign Minister,

A CAIRO CONSPIRACY. TWENTY-ONE ARRESTS.

CAIRO, January 31st. Bo far there have been 21 arroste in connection with the conspiracy to kill Barwat Pasha

areas

insist-

to

прод.. Mr. Clynca had asked if he was a free agent. No, he was not was bound in exactly the same way as Mr. Clynes himself, and as everybody else. He was bouril, that was to say, to she had done, and to the utmost of her ace that Germany paid for the damage capacity. Was he to my that the Labour party had been urging him to say France that he could not support her in demanding reparation for her devastated

This had rever been su and he thought there was really no aus difference of opinion between the Labour party and anybody else on the sub- jcët. The difficulty was to discover the best method of extracting reparation, 1t was quite evident that payment of Paration must hurt Germany. On the other hand, the non-payment of repara- lion would undoubtedly hart France, reach authorities, German, authorities, authorities all over the world, had been striving to find the best way of securing the reparation aceded. Ho would wel- come suggestions from any quarter.

Common

41

7

26th from

of the

the

16,881,400 ta

That is a

am

British people wanted Europe to settle belief in the probability of being paid, no is remembered, moreover, that five tons body suffers, from the workers ashore, in

go

ready to bare such a confererko, but it attendance of everybody at it. might take a long time to secure tho

MORE AND CHEAPER COAL was not an easy problem. If anybody furnished by the latest figures with refer direct wages were represented to the ex

Russia

would welcome it.

Une encouraging sign of recovery and the cost of material, in which in- had a plan for getting payment from her delusion to think that Russia was a field 97,000,000 tons of coal, and that move are working hard for long hours at low

ence to the production of coal. She owed us 581,000,000 sterling, but it really was exported,

year before the outbreak of the war, we

In the tent of about 75 per cent. The order, as cargoes or as bunkers, overtheless, did not come to this coun- in which any rapid development was im- ment, reacted on the prosperity of

try, but went to Germany, where map mediately possible. Our traders were shipping industry, besides keeping down wages, hoping, no doubt, to win the peaco clannish in their methods. groups of traders which dealt with the deal of our cheap food with our cheap concrete illustration of the impossibiliy here were the cost of living: for we paid for a good though they lest the war. The Germans Black Sea, groups that dealt

were able to quote £12,000. with the coal. The outlook in the coal industry of booking orders so long as the present Baltic, and so on. the confidence of thou who had before output rose during the four weeks ending and engine shops will go on increasing

has begun to improve. As compared The important thing was to restore the four weeks ending October 22nd, the high wages continue to be paid in this dealt with Rumia This was not easy November

country armployment in the shipyards while Russia maintaiced a doubtful at 17,874,800 tons, and the average price for until there are few ships building unless titude regarding her debts, and had no steam coal in November was only just the workers realise the disastrous mis- assets to offer against credit, trudem were not yet Communista Com- same date last year.

Our over 25 per ton, as against 115s. at tho take which is being made in keeping muarm might be a good plan, but we

Last month ourages up to. an artificial level. had not yet seen the beauty of it. Our valued at not much under £5,000,000.

coal exports amounted to 3,503,864 tons,

totid that a coasting stearer of 1,100 traders therefore expected, in the old the supplies of coal increase, and prices much, less than £30 per ton, and ever As tons or sy cannot be built anywhere for Apart from roparation for actual dam-livered goods in Russia, they would be the export trade, which not only means charges menn, that shipowners, whether

fashioned manner, that when they de

decrease, greater activity is eccurring in going cargo-carrying ships come out age done, he did not with to pros an paid for them. It might be very stupid

at about £15 per ton. overbearing claim on Germany. The

Those high employment for shipping, but has of them, but that was their idea. Until inevitable effect on the cost of sen carri British or foreign, are refusing to build

its Russia saw some means of restoring their age of everything we import When it vesale of improved types, and every down and for normal conditions to re- turn everywhere. But Fracco could not

was afraid that trade with Russia would of cal possibly settle down while she was piling languish. The Export Credits Act had ton of steel, it can be readily understood dock-side, to the workers by sea, the off- up a debt for rebuilding her dovastated Lot applied to Russia in the past only that the key to the recovery of industry cers and men of our ships.

to the making of one saippard and engine shop, and by the areas without any prospect of compensa- tion from Germany. He could not face were in the case of Russia not satisfied. of more cargoes for ships, is the price the shipping industry regards the future because of the conditions for doing so generally, and, therefore, the provision

The measure of optimism with which French public opinion with a refusal to He had examined the matter, and thern at which coal is available, for most of is probably due, however, less to causes quest on Wash Who,

order to on such compensation. The whole was no necessity for fresh legislation in Were those responsible for the devasta down in the Act should be satisfied.

our ships still use coal rather than oil on which one can place one's finger damage The devastated aren was thore.

All that was A year or two ago a good many people the mass of the workers of this country, noco.sary was that the conditions laid had very crude ideas as to the import the finest workers in the world when ther than to confidenta in the good senso of tion to pay for it, or those who were not He would be discussing all those ques has brought the necessary correction, and put their hearts into their

ance of cheap coal, but bitter responsible That the whole

tions with M. Briand next week, and ho it is now appreciated that industries are experience tion as regards reparation.

jobs, and would welcome any suggestions which the dependent one upon the other, and that out the world are beginning to improve- a belief that economic conditions through He now came to the subject of dobta, Labour party might have to send to him, Our debt amount to 1,000,000,000 ster]- The Labour party had a greater impor being affected.

on cannot ba pamperd, without, others industries (and shipping least of all).

no industry la independent of ing, including interest. Our Allies' tance in this country thart in Franco, and with the two accompanying strikes, was Conference at Washington has raisest debts to us

The coal controversy, amounted to 2,000,000,000

bo would be glad to have a statement of responsible in some measure for the ship.

zo no nation can live unto itself. Ther ling, even

if फस did not include irr He was willing to enter confer-

the Labour party's position. He agreed ping slump, and that large numbers of hopes that at last the peoples of with Mr. Clyzes that delen would not ficers and men of the mercantile marins world are beginning to understand that, but he did riot see that the cancellation problem lay in setting the world going ruinous policy which was adopted by the operation must be cultivated in polition. ence with anyone to discuss this question, solve the present problem. of the debt by one Power would assist again This would take time, and Gov. leaders of the Miners Federation. That as well as in industry, commerce, and The whole are now idle is largly, traceable to the if things are to mend, a spirit of en- vory greatly. He, therefore, agreed with emmments could only do their best. They is a matter of the past, and there are the Labour party's resolution, which were doing their best, and they believed indications, as I have suggested, that shipping is essentially an international

transport. stated that what was desirable was an that, though recovery must be slow, Arrangement among all the nations to

trade. deal with this

things would improve and would be things are beginning to improve, and

The recent International Ship- question.

come, if not absolutely right, botter, at

that we are regaining our coal markets

ping Conference showed that abipowners TRADE WITH RUSSIA,

Icast, than now.

of all nationalities are becoming consci With regard to Bussia, Great Britain

OUTBID BY THE 'GERMANS. had been the first to enter into trading

ous of that cardinal fact, and, with the murance of peaco, we may speedily look tion both from abroad and at home. We relations with Russia, in spite of oppost

forward to a recovery if a slow recovery, bad also been the first to suggest a con

of the shipping industry of thi country feronca to deal with the Russian situa- tion. There was always & Boo-saw in this

As a rado, we matter. Presidert Wilson and he had first tried very hard to secure such a conference, but conditions were imposed. and the project fell through Later on

ques

b secured meant to such a conference sin refused. Now Russia was acking when he went to Boulegre, and then Rus again for a conference. We were quite (Continued at foot of neat column.)

to

the

The seas are all one, and

and sonomically, and oven in the

have

Mr. Hodges said that the volume of export trade in coal was increasing, but industrial conditions generally, and the The shipping trade reflecta not only it was bringing in its train an increased econ-mics of the shipbuilding industry under other dags. the international situation was much that state of the coal market, but also the in fair and open competiton with versels poverty in the districts from which the At present it does not pay to build ships a genius for managing ships efficiently coal was being exported, owing to the in this country, which once bailt over price at which it had to be sold in four-fifths of the tonnage of the world. France to meet the competition of the As an illustration of what is now occur. German reparation coal.

not so very long ago-when buratio The Prime Minister said the German of 1,400 dead weight tona, for the build favours, but only fair play. That is all

ring I may quote the case of a

anoon-feeding of industry WAS the price was economically too low because

fashion, British shipowners naked no the coal industry was at presnet maht which fonders wore coquired the they want to-day and then, living in an port, but that price must rise when these barely covered the direct wages payable population is to work and live, the car sidised by mabsidies on food and brans other day. The lowest price quoted by subsides were withdrawn, as they must

British firm was £37,000; that sum land, which must use the sea, it its

(Continued at foot of next column.) times" are

anticipate with assurance that "good

coming Daug Telegraph.

baz