The Daily News. Friday, January 27, 1922. WORLD FRIENDSHIP.

Taranaki Daily News, 27 January 1922, Page 4

The Daily News. Friday, January 27, 1922. WORLD FRIENDSHIP.

“World friendship,” states the London Daily Mail, “stands to be greatly strengthened by the Washington. four-handed pact of Powers concerned in the Pacific, and the disappearance of Britain’s treaty with Japan, which has increasingly obstructed a complete understanding with the United States.” To the student of international affairs the conference at Washington presents illimitable opportunities for the creation of a new era in which mutual toleration and help towards real progress will play an important part. Once eliminate the primitive doctrine of the dominance of strength, and replace it with that of good-will, there would be such a might}’ change take place in the dealings of the nations with one another that, as yet is beyond all ordinary conception. It seems only a few week’s since i gloom of much intensity overshadowed the world, merely because of the existence of differences and fears which betokened possible upheavals in the near future. As an aftermath of the great war this was only to be expected under the circumstances that prevailed. Although the roar of artillery had been stilled, the silence was construed as a mere lull before. a fresh storm arose. Japan was increasing her army and navy, the United States, stirred by the martial glory of the great war, and stimulated by the American feeling of being -the greatest nation on earth, was preparing to increase her navy so that its strength would be superior to that of any other Power; France was still dreaming of armaments, and Britain was straggling under a burden of taxation that was killing trade and industry. yet was faced with the necessity for keeping pace in armaments with other nations. Out of this depressing gloom a. cluster of events shone with the promise of greater hap • piness for the world at large. The chief factor in this welcome change was thb conference at ■Washington, the aim of which was to promote world friendship and to open up a common understanding based on peace, security and open markets, by the creation ot a new atmosphere of faith m human goodwill. The most easua observer will readily perceive that until world politics were put on a saner and more peaceful basis no effective steps to deal with the economic situation coula possibly succeed. Sufficient progress has now been made towards the main political problems to justify the hope that, the economical Questions affecting the nations may now be attacked and gradually improved. The pressure of taxation is the main, hindrance to a satisfactory recovery, owing to the way in which it handicaps industry and lessens the spending power of the people. That is why disarmament and the naval holiday are so particularly welcome. Relief in the direction of less taxation cannot alone overcome the difficulty, even when drastic economies are effected Government expenditure. It will need he whole-hearted co-operation of the workers and the employers engaged in industries. There is a limit below which the cost of raw material cannot fall without the danger of a cessation of supplies. The Dominions mainly depend on the Motherland as’ a market for their commodities, hence the need for conditions in Britain being favorable to consumption—full employment and as large a spendingpower available as possible. It has to be recognised that British markets abroad cannot be restored until the problem of international indebtedness has been dealt with, so as to level up the foreign ex-

of .British goods, for the whole of the Empire exists on its export trade. Without doubt the cost of production must lessen, and this is being made possible by the decreased cost of food and coal, and the increase in the value of the sovereign. As yet there has been iio organised international effort to regain economic normality, a matter which the conference at Genoa will probably do its best to solve. The way has been cleared for effective action in this direction, with the result that British credit and prestige have received a notable lift. All the minor conditions of prosperity are, in fact, now more favorable than they have been for a long time. The more world-friendship is promoted, the greater will be the volume of trade. It is well worth while temporary 1 sacrifices in order to restore the financial and industrial equlibrium. AH must help in this worthy effort in the same spirit winch operated among the Allies to produce unity and win the war. The call now is for unity in restoring economic health, and on the response depends the future welfare of the nations, especially of the British Empire.