Pine Bluff daily graphic., 1920-01-01

IS ISullCI AlOyu 0COlS oAAoS- the leadership of his unflagging faith that everything will work out for the best, the clouds of de- spondency, pictured by the news- papers as thickest when the Chancellor of the Exchequer de- clared that the nation was head ing for bankruptcy, say Britons, have visibly lifted.
 A foremost cause for confi- dence is the steady commercial re- vival and cessation of labor trou- bles, which Britons hope will con- tinue. These give ground for pre- diction by optimitts that Great Britain will return to normal con- ditions sooner than other great European countries which engaged in the war.
 Manufacturers in many lines have business booked far ahead. The cotton trade, one of the basic British industries, is said to have all the orders it can fill for the next five years.
 Shipbuilders say they are in the same happy condition. They have yet to he convinced that. America will be able to take away the for mer British supremacy in the car rying trade. They base their con- fidence on the belief that while the British are seafaring race, the Americans are not.
 Apparently they believe that rAmerican ships built in the war are destined to be bought even- tually by distinctly maritime na- tions. Their confidence, however. !. is not iron-clad. Lord Incheape told the shareholders of one Great Britain steamship company that if the American government turn ed over it's ships to private own CTS. Great Britain need not be afraid, but if the American people were to be taxed to build up their mercantile marine. the outlook for tffe shipping in these islands was nothing but rosy.
 British builders and merchants look forward to a great increase of business with South America in 1920. Thev expect to hold their pre-war customers and to gain much of what Germany lost. They profess to discount the prospect that the United States will ac- quire control of the South Ameri- can field.
 Many nations are anxious to buy from Great Britain. How some of them can pay is a problem. The decline in exchange rates had q depressing effect on American trade but exchange with France, Italy and smaller markets is fa- vorable to Great Britain.
 Against these reasons for bus mess confidence stand two handi- caps in the form of financial and labor conditions. The national debt appears appalling to the British public but optimists argue that it is smaller than was the debt after the Napoleonic wars, measured by the country's wealth and potential producing power.
 The question of clearing the decks by some form of capital levy is still at the front and may be one of the burning political questions of the year.
 The naturalization of mines and railways is another British problem and with it are linked questions of hours and wages s which confront all industries alike and which England shares with America. It has been said that EGreat Britain's recovery after the INapoleonic wars was possible through underpaid labor, but Brit ish employers do not expect this ! to be among the assets of the fu- ture. On the contrary, many in. < dustrial leaders say British indus try is facing a question whether ' the steady increase in wages may not become a dangerous handicap in competition with other coun- tries.
 Labor has other prospective ; benefits in the promise of Premier Lloyd Georges great scheme for homes throughout the country. which is just beginning to mater ialize, and in plans for insurance against unemployment which have ]. not yet developed. The principle of the latter plan is that all men out of work through no fault of their own shall be assured of a re- spectable living as right, without any taint of pauperism.
 Ireland still is regarded as one of the governments most diff cult and threatening domestic \ problems. Early forecasts of the new Home Rule bill met nothing but opposition from all Irish fac tions. The Sim Fein, with a ma. jority of the Irish votes, threat cned to boycott the scheme as it b0ycotts the British Parliament. India and Egypt are being weighed in the balance with hopes and fears as intense as those cen *ered upon Ireland. India will <ee in the new year the begin
 - of the program of Edwin
 Sel Montagu for new meas
 self-government. Estab.
 of q protectorate over
 !. now being resisted wit,
 the same bitterness and
 meth6 as IS the Irish resist