New-York tribune., 1921-10-30

from satisfactory. Financially Ger
many is bordering on catastrophe;
economically she is Tie busiest nation
in the world. Her industries are
working full blast. She has no unem-
ployment worth speaking of.
Many economists in and out of Ger
many declare that the striking con-
tradiction between ner economic ac-
tivity and her financial weakness will
eventually produce crash that " Il
wipe out the progress she has made
since the war in the domain of indus
try and that the whole Of central Eu-
rope, If not the whole of Europe, will
be involved in the wreck.
It is not the object of the writer
to prove or disprove this theory.
Whatever Germany's financial situation
arising out of her heavy obligations to
the Allies may be, industrially her sit
uation is better than that of any of
the nations involved in the war. The
mark may rise or fall, but German
industrial stocks are continually reach
ing phenomenal levels, even from the
point of view of pre-war standards.
One of the most prosperous indus
tries in Germany is the shipping in
dustry.
With her navy at the bottom of the
sea and most of her old merchant feet
surrendered to the Allies, Germany is
to-day creating new merchant ma
rine which will in the course of the
next few years go forth again to re-
conquer the markets of the world.
Britain Fears Growth
OF German Shipping
A prominent British shipping man
told the correspondent of The Tribune
that Britain entertains no fear what
ever of the possible growth Of the
American merchant marine. What she
does fear is the progress shown by
the German shipbuilding industry.
The following concrete fact commu-
ricated to the correspondent by another
British shipping man will serve to
illustrate the foregoing assertion. This
shipping man desired to have certain
machinery built and applied for esti-
mates to American, British and Ger
man yards. The estimates were as
follows:
American, 10000 pounds delivery in
British. 100000 pounds delivery in twelve
months.
German, $4,000 pounds delivery IN six
months.
Moreover" added the Tribunes in
formant, samples of the German ma
chinery showed it to be of much bet
ter quality"
This is a fact which should give
American shipbuiIders food for
thought. While America is still strug-
Cling to untangle the mess arising
out Of the operations of the Shipping
Board during the war and British ship
yards are virtually at standstill, the
shipyards of the Elbe are busily en-.
gagged. More than 100000 tons
some of The estimates go as high as
100000 tons--of Allied and neutra
shipping lies idle, rusting and deterio
rating. The Germans are not only
building new ships but are buying
back from England tonnage they were
compelled to surrender by the Treaty
Of Versailles.
Whatever protest the Germans ma,
have to make against the Versatile:
Treaty, one does not hear them pro
test against the provisions OF tina
treaty bearing on the shipping situa
tion. On the contrary, German ship
building men do not make q secret o.
1t that it Is precisely the shipping
provisions of the peace treaty that ar,
responsible for the prosperity of tht
German shipbuilding industry.
The Treaty Of Versailles compelled
Germany to surrender to the Allie:
practically all of her tonnage and, il
addition, to build for the Allies 100000
tons OF shipping annually.
A German shipping journal o.
acknowledged authority frankly de
elared recently that the obligation
placed upon the Germans for the de-
livery Of 100000 tons of ships to tn,
Allies annually assures German ship
building yards of work "for many
years ahead" while Herr Cuno, man
aging director Of the Hamburg -Ameri
can Line, speaking at recent con
ference of German shipbuilders, made
the following significant statement:
"As result of our surrender of ou
old tonnage to the Allies we will bull,
new merchant feet which will consis
only of highly efficient vessels, perfect
ly adapted to their purpose, wherea
the maritime states of the Entent
would be burdcned with those formerl,
belonging to Germany, which in par
were already obsolete"
The year 1919 was record ship
building year. In that year British
yards produced 100000 gross registc
tons. The output by the United State
was 4,07b,Ss5 tons. There are no exac
figures available for Germany for tina
year. The "Schiffahrt Journal" est
rsSes the German output for that yea
as not more than 12.009. The latte
figure would not seem to justify th
assertion that Germany is threatenin,
to become serious competitor of tn
Yynifad Stataa and EuOjoud in shin