HOARDED GOLD.

Press, Volume LXVI, Issue 20101, 3 December 1930, Page 10

HOARDED GOLD.

CAUSES OP BAD TIMES

INTERNATIONAL RELATIONS. PROFESSOR MACMILLAN BROWN'S TOUR. "League of Nations or no League of Nations, I am convinced that, there will still be war; but it will „ot come in our day, while the nations' treasuries are empty," said Professor J. Macmillan Brown, summarising the observations of a European tour 0.1 his return to Christchurch yesterday. While the feeling between British and Germans was growing more friendly, there was still in Europe a sense of impending hostility. Like Crujsus, he said, Frjtnce and the United States of America had swallowed the world's gold; and like Cricsus, tliev would be choked by it.

"With the exception of France, the nations of Europe have not yet recovered from the Great War," said Professor Macmillan Brown. "France is looking very prosperous. I don't think that the feeling of international criti cisin has yet by any means died down. One nation has still grievances against the other, although I don't think they will fight in our day. "The Policy of Croesus." "America and France have followed the policy of Cru-sus: they want all the gold they can get and, swallowing it, they have been largely responsible for the present bad times. But gold does not signify prosperity unless it is spread out in the shape of coin. A pile of gold hoarded up ib barren. It is the old story of Criesus: hoarded gold sooner or later chokes the country that hoards it. "The remedy for bad times? Let the United States lower its tariff walls, and let there be free commercial intercourse among nations. Every when; tariff walls are being raised; and that can mean only one thing—bad times." France, Germany, and Britain. Everywhere except in France, Profes sor Mni-millan Brown found the evidence of bad times. lie was interested in the migration from Italy, where there is a surplus of labuui, to France, which has not enough. Unkind feelings persisted between France and (iermany, the one urging strong defence, the other asking foi more armaments and complaining of too heavy reparations. Feeling between Britain and Oennany was growing more and nunc amicable.

Unemployment was another serious menace, for if it continued too long it produced revolution. In England the unemployed were getting angry, and there was wide discussion of the dole.

Japan's Hold of China. "Another thing that impressed me in my conversations was that Japan—a poor country with a growing population —must have the hold of China," he added, "flow it can get over its difficulties unless it keeps this hold, it is impossible to say. It would be n good thing if Japan could change its laws and have all estates divided up and made smaller as an encoo.jjcmcnt to wards the limitation of families. The two most serious international problems are those of Japan and China and of France and Germany." In Geneva, Professor Macrnillan Brown was the guest of Mr Julian Grand the correspondent of the London '•Daily Telegraph." In his company, he spent some time at the deliberations of the Council of the League of Nations. The professor was also able to meet and talk with Mr Arthur Henderson, Secretary of State for Foreign Affairs in the Mac Donald Government, and Sir Thomas Wilford. "In Europe," he emphasised finally. "France is acting too selfishly. She is going to suffer, and so will tho United States."