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THE LIVING AGE. Published weekly. Publication office, RUMFORD BUILDING, CONCORD, N. H. Editorial and General Offices, 8 Arlington Street, Boston 17. Mass. 15c a copy, $5.00 a year; foreign postage $1.59

THE LIVING AGE

VOL. 328-FEBRUARY 6, 1926-NO. 4257

THE LIVING AGE

BRINGS THE WORLD TO AMERICA

AROUND THE WORLD IN JANUARY

NEW YEAR reviews abroad had a note of subdued hope in Great Britain and Germany, of discouragement and skepticism in France, and of official exaltation in Italy. The editor of the London Statist took the occasion to indulge in a retrospect of the first quarter of the century, which he described as a period of stirring events and sweeping changes' in which 'striking progress in the things that make for civilization' has been balanced by 'phenomenal political and social disorders, by catastrophic economic and financial upheavals.' These twenty-five years have given us the motor-car, the airplane, and wireless telegraphy. They have also brought the world a wonderful extension of democratic institutions, including universal suffrage, proportional representation, and compulsory voting; and this has borne fruit in State insurance laws and other devices for promoting social welfare. On the other hand, they have witnessed the Russo-Japanese war, the Balkan wars, and the World War, beside a host of minor conflicts.

Neue Zürcher Zeitung contented itself with a briefer survey of the past,

in which it characterized 1923 as the year of the Ruhr Occupation, 1924 as the year of the Dawes Settlement, and 1925 as the year of the Locarno Pact. Practically every editor referred to the Locarno Agreement as the outstanding achievement of the year. Twelve months ago the London Economist picked out as the three international tasks immediately before the world the restoration of the gold standard, the settlement of the Interallied debts, and the creation of a sense of security in Europe. Its editor congratulated himself in the first issue of the present year that the gold standard had been restored, that progress had been made in settling the Interallied debts, and that the sense of European security had 'made such headway in 1925 as to astonish the world.'

Editors in all European countries foresaw a disarmament conference and 'an economic Locarno' as the two great international events of the coming year; though, to be sure, they anticipated them with qualified optimism. According to the Statist, 'at this stage no great hopes can be based on the coming disarmament conference. It is

Copyright 1926, by the Living Age Co.

true that the United States has decided to be officially represented at the preliminary discussions, but apart from the additional moral weight thus acquired it is obvious that the adhesion of the United States is of very little practical importance to any European -land disarmament scheme.'

The French press viewed the present state of the world through spectacles darkened by the country's financial plight. L'Ere Nouvelle, which supports the Parties of the Left, characterized 1925 as 'one of those dark, sad years that are not illumined by a single ray of light, that resemble a thick fog which no shaft of cheering sunshine pierces.' Jules Sauerwein, writing in Le Matin, warned his readers that pacts and treaties like those of Locarno must not be regarded too hopefully. 'We must bear clearly in mind that they were concluded under the stress of economic necessity, and that they are worthless unless they enable us to solve our economic and financial problems.' He then proceeded to draw this gloomy picture of Europe's present situation. A year ago a pound sterling could be bought for eighty-seven francs; to-day it cannot be bought for a hundred and thirty francs. Germany had practically no unemployed a year ago; she has more than a million this week. England has as many receiving the dole to-day as she had on January 1, 1925.' Disarmament conferences are no remedies for such conditions as these. They are certainly 'very desirable,' but their importance 'must not be exaggerated,' because, 'when people want to fight, they will always find weapons to fight with.' A different kind of solution is needed. 'Our hope must be that after the Interallied debts are settled the United States will join an economic conference where Europe will contrive ways and means to restore her industrial and commercial health by

wise arrangements between the large and the small Powers that are to-day fighting tariff wars with each other. ... If the people of Europe are plunged into unemployment or crushed by taxes, if they are unable to sell the products of their industries or to buy indispensable raw materials, disarmament and security pacts will prove empty words.'

Germany was more optimistic, though a quaver of doubt could be discerned in her hopeful comment. Dr. Schacht, the president of the Reichsbank, pointed out in Frankfurter Zeitung that during the past year Germany had steadily increased her gold reserve and her circulating medium. The low level of security prices was 'in general absolutely unjustified.' The difficulties of certain great firms, due to their immobilizing too much of their liquid capital at the time of inflation, were a transitory phenomenon. Nearly one half of the recent failures had been of companies established since 1919. Those of older firms were not appreciably more numerous than they were before the war. Unemployment was the most serious problem for the moment, but was likewise to be regarded as a transient evil.

Speaking primarily for Austria, Neues Wiener Tagblatt characterized 1925 as the year of post-war liquidation in politics, business, and international cultural relations; and from Rome La Tribuna and L'Idea Nazionale, which now have become a single journal, declared jubilantly that 'the year 1925 has been a decisive year for the future grandeur of Italy. We can safely say that during this year we have not only laid the foundations for greater political power, but we have radically reformed our country's government and culture. . . . The Italy of to-day, like the Italy of 1860, is a land totally rejuvenated.' Nothing in this or the

other reviews of the year that have reached our desk from that country suggests that Italy does not include the whole of Europe.

Britain's domestic politics are still under the shadow of economic clouds. Unemployment is as serious as ever. The adverse trade-balance was 345 million pounds last year, thus exceeding the worst previous record of 321 million pounds in 1924. The coal subsidy is drawing more heavily upon the treasury than was anticipated, and apparently has only increased the difficulty of a final settlement. Under these conditions more or less political restlessness is inevitable. Mr. Baldwin is attacked with increased bitterness by certain elements in his own Party, and the appointment of a new Party leader is openly mooted. Many advocate a coalition government, like that set up under Lloyd George during the war. But Conservative politicians hesitate to swap horses in the middle of the stream, lest they precipitate a general election that would put Labor again in power.

In connection with the Italian debt settlement with Great Britain, the latter country was treated to an argument that has been popularly used by certain elements there against the United States. Several British reviews and newspapers, professing but lukewarm friendship for America, contend that the repudiated bonds of certain American States, and even of the Confederate Government, which are still mouldering in the coffers of English investors, should be used as an offset to Great Britain's debts to us. Now Fascist papers have presented a similar claim against Great Britain. It seems that as recently as 1345 A.D. Edward III borrowed 1,600,000 florins from certain Florentine bankers which he failed to repay. This debt, plus compound interest at two and one-half per

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cent, certainly not an exorbitant rate, would amount to-day to considerably more than the five hundred million pounds that Italy owes England. Accordingly, Fascist papers argue, England, who is the real debtor, ought in equity to pay Italy a substantial sum, instead of asking Italy to repay her war borrowings.

France also continues to call for a union sacrée, or a coalition of all Parties, to save her from her present distress. According to French calculations, the Morocco war is costing the country approximately half a billion francs a month, which is virtually equivalent to the present budget deficit. At first considerable hostility existed in France toward the campaign there, but with the prolongation of the strife and the recent successes against Abd-el-Krim this has largely vanished.

Post-war crises naturally suggest the remedies adopted in war emergencies. A country that possesses a man whose moral authority lifts him above the turmoil of party strife is therefore thrice fortunate. Germany seems to have such a man in Marshal Hindenburg, who commanded the politicians to agree and they obeyed him.

Gossip, which is the only form of intelligence from countries with a censored press, reports that the recent reorganization of the Spanish dictatorship was due partly to palace intrigues, which in turn reflected the growing restlessness of the people and discontent in the army. Primo de Rivera and Martinez Anido, his second in command, had become jealous of each other, and the army juntas had grown dissatisfied with their own régime. The country at large was becoming weary of a government whose performances fell short of its promises. The King began to fear that the growing unpopularity of the Directory might be transferred likewise to the Throne

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