The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-05


either. that that's going to come easily
or as matter Of course.
London has been the financial centre
OF the world In modern times and has
well discharged her obligations to the
world In that respect. But to be the
financial centre of the world, no matter
how well worn the channels OF worru
business are, the world financial centre
must be able TO pay its bank balances
In gold II International depositors want
II 80 paid.
England Is Off the gold ba sis for a
good while TO come. A bank balance In
England Ia payable in bank notes or
currency nOtes. and as a practical mat
ter those are not freely redeemabie.
But now II IL not going to be finan-
cial alone that our advantages are going
to consist Of. We are going to have a
vagt foreign trade. but we have got TO
learn one thing-that foreign trade IL
not exclusively disposing of something
you nave got. and our necessity in be-
coming great International trading ma
ton Is TO md other people with goods
that we are prepared to buy. Goods
must in the main be paid for in goods ;
we cannot go on accommodating gold or
accumulating securities. and we do not
want to do that We must open our
markets SO that other peoples can have
an opportunity to pay for the things that
they want. else they cannot buy the
things that we have
This recognition of both sides to q
trade Is something that believe we
must all get into our minds in eauging
our future. In understanding the way
that we must develop. But we are going
to stand. II Europe comes back. the ma
ton which Is the reservoir Of the world
credit; the nation which Is the store
house OF raw material. Now, there
never was that combination before in
history.
own Market the Biggest.
Here we have got the greatest rich
ness of both, and back OF that our manu-
facturers have a condition that IL un-
matched and never was matched in all
tho world. They have got this great
homogeneous market of America, 1867
900. 900 people. who wear the same kind
of hats, and the same kind of shoes,
who haven't a tariff barrier who have
no barrier. You have got this vast
market in which you can build up mass
production as it cannot be buiitaup any
where else In the world, and then over
flowing from your domestic production
and I believe be invulnerable.
To-day we are making steel In the
United States $40 a ton cheaper than It
liz being made in England. The high
cost of coal. the high cost Of transporta-
ton, tho advance in wages have all cul-
minated there in raising the cost Of pro-
duction.
Think OF the meaning Of Just that
simple little market statement-s20 per
ton cheaper production for steel in the
United States than in England. What
effect will that have on the great ship
building industry? What effect will It
have on placing rails In neutral mar
kets7
Changes have come into the indus
trial situation in England with the ris-
ing wages. with the naturalization Of
industries-for that has we'll started.
have no doubt whatever but what the
coal industry will be nationalized, and
in all probability the railroads. All that
is going to mean higher cost. 1t Is
costing England f1oo.o00.000 a year
more to run her railroads than in the
years just prior to the war. The ad-
vance in wages and other costs of opera
tion increased that cost $500. 100000.
Now, I believe these rises in wages
in England have been absolutely neces-
sary. l think England's differential in
tho industrial markets OF the world has
been underpsid labor, and>I believe she
has lost that differential because she
must now better pay labor. But there
Is a lesson We might well take home.
We cannot have underpayment Of labor
here either. The nation that dominates
the world Is going TO be the nation that
brings about harmonious relations be-
tween capital and labor.
Labor is pretty clear that II has not
been having Its full share. and l was
astounded 20 see the agreement with
that view on the part OF many of the
large employers OF labor in England.
81 believe that we can make n short
cut 10 Industrial peace Just as we have
made a short cut to peace that has
freed US from militarism. / believe the
greatest question in the world to-day Is
this adjustment OF differences between
capital and labor. II has got to be APP
preached with an understanding and a
liberalism on the part OF employers that
goes further than anything we have had
heretofore; but II 1t Is SO approached.
and II we can add to these other tremen-
Goes advantages that this nation has a
real understanding between capital and
labor which will bring labor gratefully
to its Job. will make labor see that pro-
duction Is FOR labor's benefit, and the
greater the production the greater the
benefit, then ! believe that labor can
have a greater share than ever II has
had and that capital can have a greater
share. too and that will be the greatest
opportunity that America can have II II
can reach that settlement"
Yui Sees MikRdo's Doom.
DR.. Yui, speaking OF China's ambi-
lions for the future, said:
I'VE have been fighting against autoc-
racy. We have been fighting for con-
stitutionalism. We have been fighting
for democracy. In other words. we have
been fighting for exactly the same thing
that you people and the people IN Eu.
rope have been fighting for. We have
not won a victory as yet. but we are
sure Of victory.
I'VE have been unable to win that
victory yet. because the militarists In
China to-day and for the last two years
have been assisted. instigated. abetted
and helped by the militarists OF another
country. The militar1sts of another
country recognized that a strong and
united republic of China will be a hin
drance to their most ambitious pro-
gramme, which I have no time to de-
scribe to you this afternoon.
cover there we are not only wanting
to have a republic, but to have a republic
on a sound, firm and pleasant basis
In China we believe that from now or
no country in this world will continue to
be ruled by king or an emperor or a
GEAR or a kaiser-or a mikado."
Dr. Hui said that Chinas reconstruc.
ton programme called for the building
of 100, 900 miles OF railroads and 1000
600 miles OF maoada mized roads and the
extension OF telephone. telegraph anG
wireless systems throughout the entire
country. DR.. Yui told with pride now