The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-08-23

cost ID lower. The OUTLOOK AOt IHB
! lands foreign trade In worse, for It
depends on others Than England. and
their conditions are deplorable.
/ II seems like = deadlock. and yet It
II necessary to remember that Eng
lish common sense and talent for
com promise habitually rescues Eng
Land from disaster At the eleventh
hour. The Premier shows his COM
mon sense by rejecting the proposal
for nauonalizing industry on the basis
OF experience with the railways AMI
the mines. He shows his talent for
compromise by accepting the policy
OF state purchase OF mineral rights,
tcoal) }. which was unanimously recon-
!mended. but rejects the proposals on
which the Sankey Commission was
itself divided. Thus the owners
royalties will be lifted from the price
of coal marketed. and the inefIiciency
of government operation win be.
avoided.
Probably he could do no less. but
It will be necessary to finance the
purchase of the owners rights. the
burden being shifted. not removed
altogether. The preservation OF the
principle of protection of property
rights is good example. particularly
for other countries where conf1sca-
ton Ia recommended as a remedy for
poverty. Every communistic expert
ment has failed through deterioration
Of the property which belongs to
everybody and nobody. Land titles
are sacred for the sake of society,
not for the profit Of the owners.
Lloyd George would never have gone
so far as he did II II were not proved
that the coal industry has been mis-
managed in England. and has gone
from bad to worse during the threat
of naturalization. There is nothing
basically wrong with the industry.
There is coal enough. and it can be
probably mined. but the taxes have
| taken most of the profits recently,
and probably would do so In the fu-
ture. Probably the owners will be
glad to retire. and the bargain will be
less costly to the state than It would
have been earlier or later.
Always the Premier recurs to pro-
duction. attributing Englands depres-
sion to labors indulgences. He saw
signs Of stacking. and production had
declined in close relation to the abort
ening OF hours Of work. TT was a
dangerous and fatal fallacy that the
less men worked the more work there
would be for others and It is high,
important for those having influence
with workers to do their utmost to
explode this fallacy"
Not without reason do British
critics find this = sombre speech
comments the New York Times. But
what would they7 Only q faisaas,
could alter the appearance OF thu
facts, and the facts wou9d remain
The stubbornness with which thu
fight has been begun in the direction
indicated by the Premier is shown b,
the board of trade report for tho hal,
year ended with June. Imports arr
still rising. 1t Is true. but exports ar,
leaping upward. For Juno import,
increased II per cent, exports a
per cent. and re-exports ass per cent
England 10 the premier world trader
and in the depths Of her depression
the old temper Is plainly to b seen
1t Ia a bold resolve not to borrow
more money and to Let exchange find
its level. There are more signs OF
stout-heartedness than OF surrende,
to the situation. Does It seem bold 70
say that British industry and COM
merce WIFI revive more speedily thar
expected! England possesses now
the industrial capacity which had ia
be invented and Snpp31aA etp.. ~
Napoleonfc wara That capacity has
never been tested. and b treat b..
yond calculation. II labor will heed
the advice the Premier gives It, and
II capital will experimentation 1,
SO difncult II only attempted vim
good-will-England will yet look back
to something like IL war production
a. Its normal peace production.