The Guardian And Evening Star, with which is incorporated the West Coast Times. TUESDAY, MAY 4, 1926. ECONOMIC POSITION IN EUROPE

Hokitika Guardian, 4 May 1926, Page 2

The Guardian And Evening Star, with which is incorporated the West Coast Times. TUESDAY, MAY 4, 1926. ECONOMIC POSITION IN EUROPE

Two matters of outstanding importance are noted by Dr Walter Leaf, President of the International Chamber of Commerce, in a review of the economic position in Europe delivered to the Council of that Chamber. The first of these is that the last four months have seen, notable changes in a previous grouping by I>r Leaf of nations according to the manner in which they were dealing with their currency problems;

the second is to the effect that trade is being hampered by artificial restrictions. Sinco (be beginning of the year Belgium has effectively stabilized its franc, at a devaluated rate, and Italy has succeeded in balancing the State Budget, avowedly with the intention of keeping the lira at not less than its present exchange value. In regard to France, Dr Leaf is unable to refrain from expressing the deep concern with which every nation looks at the discussions which are proceeding, and the general sense that, unless the question is faced with courage and patriotism, the results may be such as to bring disaster, which will not bo confined to Franco itself. It. is only too obvious, he points out, that much longer delay can only react unfortunately on tlio national credit of the French Republic. Other nations, which' in November last were going through the struggles necessary to rehabilitation of their currency, have since made great advance. The Danish krone now stands close to its gold value; the Czech crown has been legislatively stabilized; and it is beieved that the fall in the zloty of Poland has been checked, and that tho position is being hold. With the one exception already mentioned, it would appear that all the chief European currencies .have been stabilized, and it is also important to note.that, again with ono exception, a settlement of all tlio oustanding inter-Allied debts lias been reached. The industrial position, however, does not show an equally uniform picture of advance. According to Dr Ijeaf, everywhere, with hardly one exception, there are complaints of tho difficulty of finding markets for manufactures. The capacity for production is there, and is generally much larger than in pre-war times; but the products are stagnating because they are refused, or at least hampered by foreign tariffs and trade barriers. Henco unemployment, stagnation of industry, and a lamentable waste of potential human energy. The whole standard of living is lowered by the artificial restrictions on human efficiency. A European Trade League would have open markets on at least the same scale as those of the United States, and would thus be able to compete in production oil equal terms with that vast area of, free trade intercourse. National jealousies force us to employ in suicidal trade struggles the efforts which should be concentrated on the general advancement of human wellbeing. Tho task which the International Chamber of Commerce is setting itself this year is to educate the world to this wider outlook.