The Hokitika Guardian WEDNESDAY, SEPT 27th, 1922. FINANCIAL DEMORALISATION.

Hokitika Guardian, 27 September 1922, Page 2

The Hokitika Guardian WEDNESDAY, SEPT 27th, 1922. FINANCIAL DEMORALISATION.

'I UK course of events in the Near -hast has blotted out the question of'German reparations for the moment, but they are sure to recur again and again. A financial authority in the United States reviewing the position g‘.es on to say that the constant printing of more cunetiey. for whatever purposes, inevitably forces further depreciation, and threatens more serious financial embarrassment- and social disorder. f l he reparations payments of themselves have not been the sole cause of the depreciation. It is doubtless true that a numerous and influential party h .s given no co-operation to the government in its efforts to make the reparations payments, but it has been demonstrated over and over again that governments are not very effective in coercing great numbers of people to do what they are unwilling to do. There is much confusion of opinion, and intensely hitter contentions within Germany, of which evidence is seen in the recent assassination of a Cabinet Minister. The German parliament is com- J posed of more factions and blocs than the Ameiican Congress, and even here, j with nominally a strong pnity majority the Executive is not always able to get j the co-operation he desires. Important i business leaders in Germany who have refused co-operation have defended their attitude by insisting that the payments called for were beyond the ain’t- ' itv of Germany and that the sooner this fact was understood the better. Moreover this claim has had no little support in other countries, from economists and business men who have either expressed the opinion that Germany could not secure such an excess of exports over imports as would enable the payments to he made, or Itave urged that if she could do so the industries of other countries would he prostrated by the competition. The Chairman of the Loudon, .h im City I and Midland Hank, the largest ftlmTc in j the British Isles, in his address at the stockholders’ meeting last January, declared that it would he better for

Great Britain to forego its share of the reparations entirely than suffer the disturbance to British industry that would result from such a volume of German exports as would he neeessaiv to pay them. The French attitude toward German exports to France is similar. It. has not been thought practicable to bring German workmen into the devastated regions for reconstruction purposes, and milch opposition was manifested to having Germany snpplv materials. This attitude is natural and understandable, but for the very reason that it is instinctive and natural it must he taken into account in euleulating the ability of Germany to sell great quantities of goods abroad. It is a familiar fact that the possibility ellarge German exports to the United States lias been constantly before the committees of our Congress engaged in limning the pending tariff measure, and that the schedules have been drawn with a view to preventing them. Obviously the ability of Germany to build up a great surplus of exports over imports is not independent of the wilTingness and ability of other countries to

receive German products. It is directly dependent upon the state of foreign buyers towards Gorman (roods. As to the first, the conditions arc not favorable. Trade is depressed all over the world, and in nil countries there is a disposition to discourage imports. Germany had a large trade before the war in eastern Europe, particularly Russia. There is very little trade with Russia n°w, and the new nations of eastern Europe are intent upon building up domestic industries. Tn view of these known conditions and the nmtillingness of such countries as Great Britain, i France anil the United Stat'-s to re- j reive increased importations from Ger- j many, it is evident that the situation ' is one calling for thoughtful considorn- j tinn. It docs no good to insist upon i the impossible, or to allow suspicions of German policies, natural though they may be, and justified in some degree as they undoubtedly fire. to obscure [be, j nvßiifejt fnfitp. ” 'I

The war clouds in the Near East are lifting. The patience shown iti the Clianak incident when the Turks deliberately crossed into neutral country, indicated Britain was not bent on precipitating a war without serious foundation. The Allied offer by Britain, France and Italy for a conference and the indication of tlie possible terms, should convince Turkey that there is everything to gain by comporting herself in reason pending the Conference. The Turks are going to have the Sevres treaty reviewed to their material benefit if they restrain themselves meantime. But they will require to be as reasonable in their conference demands. The Allies are going a long way in the matter of concessions, but better a compromise somewhat generous than the stern realities of war as the alternative. As it is the Turkish excursion will cost Britain an enormous sum even for partial mobilisation. Britain will be well out of the war if satisfactory terms are possible, and reasonable conditions can lie enforced to maintain the new terms inviolate. The position is still one of great delicacy not because of any superiority of the Turks, but be% cause of the pro-Turkish leanings of France and Italy.

Sem’-iiei.l’ is a very useful aid to advancement and success. It is the motive power within, and being more directly applied is the more helpful ill its results. The local bodies’ conferences now held at recurring intervals is a form of self-help which should be made very useful in the advancement of the. district. Through that channel a good deal of self-help can lie applied. The meetings afford the opportunity of focussing public thought on district resources and district needs. It is very clear that this large district needs population, and to attract the people more needs to lie known of its resources and capabilities. At a gathering such as ij to he held to-night there is the opportunity of bringing forward proposals to help the district forge ahead. It is an opportunity for unity of action towards a common goal—general advancement. The time is opportune for such a united move. The near future wi ll afford the means for the public to flock here in thousands and something attractive requires to be displayed In draw the people to the west. If the resources of the district are fully recorded and extolled the results can hardly he other than extremely satisfactory all round. For that reason the conference deserves the patronage ami help of the citizens generally in the desire to see the district forged ahead.