THE Wairarapa Age MORNING DAILY. THURSDAY, SEPTEMBER 14, 1911. "THE GREAT ILLUSION."

Wairarapa Age, Volume XXXII, Issue 10423, 14 September 1911, Page 4

THE Wairarapa Age MORNING DAILY. THURSDAY, SEPTEMBER 14, 1911. "THE GREAT ILLUSION."

One of 'the most remarkable books of the century is. that entitled "The Great Illusion." The author, Mr Norman Angell, lay® down the diesis tih'at war does not pay, and he endeavours to Show tlialt wiar does> not (pay the nation that win® any more thian it does the nation tihiat loses. Taking the case of Germany and England, Mr Angell says that it' is impossible for either of these great Powers to utterly destroy the other. No nation can in. our day in military conquesit permanently ar for any consldierable period 1 destroy or greatly damage the trade of another, since tradle depends, upon tine existence of natural wealth and >a population. capable of working it. So long as ithe natural 1 wealth of the country and the population to work it I remain, an invader .cannot utterly destroy it. He could only destroy the (trade 'by destroying the population, whicUi is not practicable; hie would destroy ihis own market, actual or potential, which would' be commercially suicidal. If an invasion by Germiany did involve the "total collapse of the Empire, our itradle, and the means of feeding forty millions in .thieise islands, the disturbance of capital and the destruction of .credit," German

capital would, because ?>r tibj©. internation alii zastion and plicate independence of our finance and industry, also disappear ,ih large part, and German credit would collapse,. and the only (means- of restoring it would bo- for Germany to put an end to the ohaoo in England by putting an end to the condition W-lu'ich has produced it. Moreover, •because of this delicate interdependence of our credit-built finance, /the ■'confiscation -by an. invader of private property, whether stocks, shares, ' ships, mines, or anything more vatu.able itihsan jewellery or furniture—- > anything, tin short, which is bound I up witili <the economic life of the ' people—'WouM so react upon the finance oiithe invader's country as to make the damage to the invader resulting from the oonfisoafTion exceed in value the property oonil seated. Bo 1 that Germany's success in conquest would be a demonstration of the complete economic futility >of conquest. Take tihe case of the conquest of England by Germany, with the German General looting the cellars of the Bank of England. The first effect would) be that, as the Bank of England is /tshie banker of alii other banks, ail .the banks in England would 'have to suspend payment. But, simultaneously, German, bankers, rniany of them with credit 'in London, .would feel the effect. Merchants* tlie -world over, threatened wißin ruin by tliue collapse of (the Baaik of England, would immediaterly call in all their credits: in Germany, iaaid the German banks -would go.' Tihe iG'ermian General, while trying ito sack the Bank of England, would find (that his ibaJance in the Bank , of Berlin 'bad -vanished into thin air, amd .the value of even. Ixis best inveistmenits dwindled lasthough. by a miracle. So (that for tibe loot amounting to a few sovereigns apiece among the German .army of' invasion, he would 'Sacrificed the greater pJart. of his own personal fortune. The damage in German credit would entail a loss infinitely greater tihlan tlie value of 'tlie loot.