The Guardian And Evening Star, with which is incorporated the West Coast Times. TUESDAY, DECEMBER 10, 1929. BRITAIN’S BURDEN.

Hokitika Guardian, 10 December 1929, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. TUESDAY, DECEMBER 10, 1929. BRITAIN’S BURDEN.

“I ub most disquieting fact that came under my notice was that Britain, which before the war was ahead of all other countries in exports, is now third on the list, the United States being first and Germany second. The labt is that England is staggering under a load of debt and other disadvantages of which people in the Dominions have only a small conception. It is really marvellous that she has maintained her position so well. It shows the tenacity of the race in lighting on in the face of almost overwhelming difficulties.” Such was the reply made to a Wellington reporter by the Hon Mr Triggs. M.L.C., when asked how he found the condition of trade and industry i,n the Old Country, and wliat lie thought of the future prospects there. “The Mother Country is not only paying these debts in lull, but has generally agreed to remit a large part of the debts owing to her by her Allies,” said Mr Triggs. ‘‘ln France the taxation is much lighter than in England, trade and industries are pro.gms.sing, and there are practically no unemployed. France, indeed, lias, in my opinion, roas n to be specially grateful to England. Independent of her delil to the British Government, in regard to which she lias been so generously treated, it does not seem to be known that during the war loans to the extent of many millions sterling were floated by France in England, and the English people were encouraged by the British Government to in-

vest in those loans, as by so doing they would be helping to win the war. Unfortunately for them, the loans were subscribed in francs, and are repayable in francs, not in pounds sterling. When the loans were subscribed exchange was roughly twenty-live francs to the pound sterling, but since the war the franc, has been ‘stabilised’ at 120 francs to the pound. This means that the investors are receiving only one-fifth of the interest which they understood would be paid, and they will receive only one-fifth of their capital back when the loan is repaid. Germany is now in a particularly favourable position for competing against England in the world's markets. By the deliberate depreciation of the mark after the war, not only was the heavy internal debt wiped out with paper that was intrinsically worthless, hut the great manufacturing and trading concerns were enabled to discharge their mortgages and debentures in the same way. They were thus able to start afresh with a clean sheet as far as debt was concerned. Even the conditions imposed in the Treaty of Versailles with a viety to preventing the speedy recovery of Germany as a military power are turning out. a blessing in disguise. The money which would otherwise have been spent on anna* meats has been devoted to the development of industry and commerce, while other European countries continue to spend huge sums on their armies and navies. A highly-plated Government official, with whom I had a very frank talk, said that one effect of the restrictions was that the Germans had been obliged to concentrate in other directions, notably the air service, in which, lie believed, they were far ahead of other countries. He added : ‘You took away our ships of over 1003 ton reg'filer, consequently we have had to build new ships, and we now have a mercantile marine of absolutely new ships with the latest improvements, and this is bound to give us an advantage.’ It is due to the Germans to say that they are all working, masters as well as men, with what looks like desperate earnestness to gain for Germany supremacy. It looks as if the present Government will have more d.fficulty than its predecessors in solving the labour problem.” declared Hr Triggs, when asked what lie thought of the position in regard to unemployment at Home. “The coal trade showed gratifying signs of reviving, hut'there were still thousands of miners and their sons out of work, and a fresh crisis was threatened on account of the Government having brought in a Bill reducing the working day to 7J- hours. This was in pursuance of a promise made before the elections, but the Government now has to admit that it could not guarantee that there would be no reduction in wages. Tile mineowners emphatically declare that if hours are reduced without a corresponding reduction in wages they cannot carry on, and the representatives of the miners sr.v that they will not submit to a reduction.”