1936-04-21 — Page 18

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THE HONGKONG TELEGRAPH, Tuesday, April 21, 1936.'

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The

Hongkong Telegraph.

TUESDAY, APR. 21, 1936.

THE EUROPEAN SITUATION

The situation created by the German reoccupation of

the Rhineland has receded somewhat from public attention, due to the

COLLIN BROOKS

asks

IS EUROPE

Going BANKRUPT?-

DEMOCRACIES are hampered

Y

by a single-track mind.

Feeling that life in just one damned thing after another they fasten their guze on the last damned thing, grow vastly concerned about it, and forget any problem which is not imme- dinte in its incidence on their

lives.

Sanctions against Italy fill the firmament and split the nation for and against, but once Ger-' many marches into the Rhine- land Italy is dismissed from the public mind.

We forget that long before Italy waged war in Abyssinia, and before Germany pre- sented Locarno Powers with onc of the most drama- tie faits accomplis in his- tory, the nations had been in a desperate conclave endeavour- ing to stave off the bankruptcy. of Europe and the collapse of the trading system of the world.

Who to-day, outside a small professional circle, gives even a passing thought to the abortive World Economic Conference?

more immediate crisis which has NOTES OF THE DAY

mences

INDUTRY AND ARMS

forces which has now

MOON-3G

A. Gulliver among the Lilliputians..

Paradox-World

Trade Is Better

arisen from the failure of the League of Nations conciliation effort in regard to the Italo- Ethiopian war. Both the Ger- The expansion of Great Britain's Problems Still man and French viewpoints have defensive

France's plight means loss of Czecho-Slovakia, regarded as trade and employment for the most prosperous of the post- been re-stated in memoranda been decided upon will make a con- siderable call on the man power of

To Be Solved Britnin.

Treaty States, has a crisis of her issued by the Governments of the nation for the three. Services,

In Germany, as both Herr own, and is spending what for both countries, and these have bat a still heavier demand will be

But that conference met four Goebbels and Dr. Schacht have her is the large sum of £25,000,- come under consideration of the made upon industry. The actual years ago to deal with problems told the people, the need to re- 000 on public works. Locarno Powers, Nothing more not to be on a colossal scale, but port, and its failure to reach economic life..

increase in men and machines is of grent urgency, of sinister im- arm has meant a dislocation of is likely to be heard on the posi-speed is one of the vital factors solutions to those problems was Germany is a great exporting tion until these Powers again in the problem, and speed always regarded as tragic.

tiation by sheer economic need. more intensive effort. In- means meet during the next session of dustry must be organised on an

In the past four years the To-day she finds exportation the League Council, which com-effective basis to meet the nation's problems have not solved them- dificult.

In other countries the Budget Government's on May 11. Whatever needs. The

pro-selves. They have intensified.

totals are rising-Bulgaría. will They press upon the spirit of German Exports

have a Budget this year 10 per may be said of the League'sramme deals fully with this aspect

of the question, which falls Europe less hardly only because

cent, higher than last, Jugo- handling of the Italo-Ethiopian naturally into two parts.

other problems of a different

Are Down slavian expenditure will be up crisis and it is premature, even

57,000,000 dinars. In the first place there is the pre-nature have masked them. yet, to assume that nothing went situation to be considered. We Man does not live by political In 1935 German exports were These things are symptomatic further will be done-it can most are now at peace and there is great triumphs and feats of arms down to 375,000,000 marks arising Budgets, persistent de certainly be claimed that the re- In addition to the normal output,

month. In 1913 they stood at a ficits, falling exports, or increas- commercial and industrial activity.jalone. He lives by trade.

If trade halts, we suffer. If monthly average of 80,000,000 ing import surpluses, uneconomic militarisation of the Rhineland industry is to be asked to carry trade ceases, as a civilisation we marks or within 50,000,000 spending to meet artificial poli- might easily have plunged half through, in a limited period of die though as a community we marks of the 1913 figure. tical needs. of Europe into war but for the heavy extra demands upon certain may survive in circumstances of

exports Germany Europe cannot for long flour- applies three-quarters or more to ish, or even appear to flourish, existence of the League. That branches and upon certain classes hardship and deprivation.

barter. From the remaining with barter agreements and Is a point which many are apt toof skilled labour. The Government overlook,

quarter she must deduct pay clearing systems taking the place but

officials concerned must therefore France's Trade # moment's see that the careful organisation

ments of various kinds. The of healthy trade, with currencies thought will enable U8 to of industry and the willing co-

Figures Falling surplus left for the purchase of bolstered up only by the un- visualise the situation which operation both of the leaders of

necessary imports on a. truc remitting efforts of Exchange industry and of the Trade Unions]

Great Britain has enjoyed trading basis is small, might have arisen had the is secured. Profiteering will be since 1931 a gathering flood of

Equalisation Funds, and with League not been in being. The prevented from the start-there returning prosperity, but that many has chosen her own fate, sums to unfruitful expenditure. It may be argued that Ger- every nation devoting large discussions which have taken will be no fortunes made out of flood was created by rushing up that, if she prefers arms to fats, place in recent weeks have help the nation's strivings on this occa-the artificial dykes of Protection the preference is a free one.

The paradox is that world sion and everything will be done

But the other side of the pic the fourth quarter of last year trade as a whole is better. In ed to clarify and ease the situato encourage the training of crafta- and a managed £. It should not tion, but there are still deep men in adequate numbers for the blind us to what is happening ture is that Germany is no longer the foreign trade turnover of the differences to be reconciled and the question of readiness for war

work ahead. Secondly, there is outside our borders.

buying her old share of other. In France wholesale and retail people's goods.

52 leading nations was around All suffer a issues of great, importance to be itself. This involves the organisa-prices are rising.

diminution of trade. To take £2,066,000,000, as compared with decided if the fear of possible that it can rapidly change over at with the over-valuation of the wool last year fell by 21,000 tong quarter and £1,993,000,000 in the tion of industry in such a way These rising prices combined but one example, her import of £1,791,000,000 in the previous

time, measures which will make

Of her

i

aggression in Europe is to be the vital points from commercial removed and a greater sense of to war production should the neces-currency, retard exports and to 128,000 tons.

last quarter of 1934. increase imports.

With Italy the economic post- This improvement of about peace security developed. Heresity arise, and steps have already it should be remembered that been taken in this direction. Last month France had an tion has been aggravated by the 15 per cent. is remarkable, for import surplus of 807,000,000 futile and ineffective policy of before the crisis of 1981 the Germany's claim to equality and

francs, against only 428,000,000 sanctions.

seasonul improvement only France's claim to security were use of force, compel her to re-francs a year ago.

Sanctions were designed to averaged about 11 per cent, formally recognised as just and trace them. It is sincerely to be

For some years past the stop the Abyssinian War, mutually reconcilable in the hoped that the pending discus-French Budget has been burden-

Economic Threat They have not stopped the formula

sions will lead to a satisfactory ed with a heavy deficit. of December, 1932, settlement of the immediate

war, but they have stopped the

Of Japanese which was to provide equality of issue. If the Peace of Europe is no less than 14 per cent. is laid side Italy, not least in theso- Of French, shipping tonnage prosperity of many a trader out-- rights within a

World regime of to be made secure, Germany up. The meaning of this figure islands.

trado improves security. But unhappily little must frankly recognise that she is best seen against the total of

Europe's economic command de- Among the other trading clines Japan's economic com- has been attempted in the mean- has not only rights but obliga-world shipping laid up, which is nations, Holland is hampered by mand increases. For the first time to give practical effect totions, and it will only be possible only 8 per cent. that formula. The result has to find effective solutions of

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been that Germany, by a series Europe's problems if she enters How Britain

currency troubles and is now to time in history. Japan last year spend an extra £5,000,000,000 on exceeded a foreign trade figure. defence.

of 5,000,000,000 yen, led the world in rayon production, and hit Britain hard in both textiles Czecho-Slovakia and textile machinery.

It is not a pretty picture for a

Is Affected Money Crisis In

crisis

equality, and whatever the rea-supremo need is to make Europe sons advanced in justification or secure against aggression. The axtenuation of the action taken, principal essentials to collective With elections pending and, a the effect has been to aggravate security have long been recog-new trade-and-currency the uncasiness of the rest of nised: arbitration, disarmament, approaching, the financial posi-- Dutch private taxable incomes European nation which lives by Europe. To-day Germany has non-aggression and mutual as-tion of France is unenviable. between 1930-31 stood at £624,- trade to contemplate, achieved equality, but Europe sistance in the event of aggres-

"What does it matter to us?" 000,000 (taken at current ex- Diplomats in their London

has not found security. What sion. This is the task that con- the sturdy Briton may ask. It change rates), but between 1934- discussions have need to remem- ever may be said of the German fronts Europe to-day, and the matters much. Britain is a 35 that figure had fallen by ber that it is not only European methods, it is clear beyond all present potentially disastrous trading nation. Uncertainty in £190,000,000 to £434,000,000, peace that is at stake but argument that there can be no situation will only be retrieved France means uncertainty although during that time the Europe's economic survival, return to the status quo. Ger- by a system of collective security throughout the world. Foreign population had increased „y 7 An uncasy peace that only many will not willingly retrace for all the nations, large and exchange vagaries do not make per cent.

plunges the Continent further her steps, nor. can the rest of small, not only in the West of for easy trading.

Such a fall in taxable income along the decline to bankruptcy Europe, without the threat or Europe but also in the East.

Directly and 'Indirectly is eloquent of economic difficulty, will be a sorry achievement.

?