The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-06-27
GERMANY READY TO
UNDERSELL WORLD



Articles. said Charles q. pu Bol.. presi-
8ent - ths Western Electric company
Yesterday. ar. ia Bots has fust returned
from six weeks 81 intensive data gath
eTlnN in Europe he visited F'rancf
Switzerland. Austria. Hungary. Germany.
Belgium and England
t1ndastriaiif Germany seems q - a.
efficient a. ever Win wages low a.
measured in the currency a other Gown
tries. with highly corpetsnf workers
eager 90 produce and with the reparatiua
question I'm more settled stale. ser
manF ~ In a p0sttlon 90 - ahead in
pert business. A present she can turn
out many lines - Manufactured ARTICLES
% sell probably for lees moneg than ans
other country
"Aa nearly a. / can calculate IL. the
opst ~ German labor Ia the metal ~ork-
ing trades. measured In dollars. which
= the correct Way 90 measure Il when
g enters into competition with the United
States for foreign trade. - about one
sixth g The cost q equivalent labor s-Fe.
while ia al probability this wiil lead
"a protective measures on ths part 80
competing countries. such as faEes On
German exports and other measures Tor
the encouragement % home Industries.
set vases IN such countries are nov de-
efeaalng and this tendency = likely 10
eontinuc NJ they effectively meet German
competition Ia foreign trade.
Looking a. the other side q the pie
TURF however. He zee. not exactly unrest.
but a grave question arising az e. whether
the working population can ~ wui con-
tinue 60 accept ta present iaw standard
~ living The danger IN Germany. there
fore. = ~ soelni overture more than
anything else Politically. the various
socialist parties seem o. - ln the ma
lurifg. but the anfi-sucialiafs are in con-
tired 81 the government largely because
abe socialists % not care % assume con
trel at a time Wheh they cannot hope
% make good aH their promises"
AR pu Bots expressed the opinlon that
the cleRrest viev - current European
economic conditions o. obtalnahle ln thfs
country This vas due. be satd. 20 the
large number - trained observers em-
plu8ed bv American banks ana financial
periodicals 60 report such lnfurfnn n n.
and the attention given here - anaiy zinK
ard preseufing the facts. me fesunrs
and sentiment - the European peopirs
- public questions BE- thought could best
- studied AZ first hand
~ a almost impossible naid he eco
Z
coantry ~ faced uifh different nrobicmr
ln Germany. Austria and Huasars. -
find 40 extremely low exchange rate.
lew wages even ia the terms - shat o..
tfeeiafed money VIII huI Esd paper
money confnuluw io be neued In large
amounts
iu Austrla the situation e serious but
uoI immediately critical THE paarie are
not setting suosNh Co saf. bu8 ever, one
setting tomefhlnE Austria uro.iueas
ONLY ore nnh - az food ahe consume.
Tier ekpar tfade Therefore muft "a
Hatf up tefofe hFr position hseasnss ca
aH stable. d an unen question vel
whether this can be accomplished and
hoW the people can I've unf1 lt 10 ac-
eoUp shed
Conditions ia Hungary are quite a.f.
fefsnt THE eoantrf largely arrlcul.
tufaA e atlc - Support herself she
has iatfrcd Through two terriniw exuer
tsneeH--rn mmuuism and the maumlau AZ
occupation. she g. done with conmun-
lefu- Had f been Tor q Temporary gov
ernmenlAi weakness she Waa1a never
have had it she a. suspicious ~ her
neirhbore and PROPOSES "a a. ntrcnr IN
mllitars way she wants 4 king nut
. r. does Nos knou Who that Alng should
hs She - breaking away frem German
influence and seetinE favor uIlh ENG
laHd
for tie first time HUNGARY calm
sae has balanced her budget anh does
net whnt outside loans she Is frenar.
ms 60 build up from Within Il ahe foi-
loss out This poliry che = doastisas On
the high read - prosperity
't'aerho- @i0Nak8a. among TIE central
powers. and Belslum among the allies
seem GO ~ IN IRE best oondltian Prem
ne beginning - peace Belgium Las been
hFiwht spot 10 Europe. indanfrlaIy she
T. continuing 90 improve steadily
"tneasinsss ~ questions % foreign re-
htians - apparent in France. The ino-
tive which dominates an French policies
il fear - Germany. a. well ~ lack u
certainty in her alliance with ether cuun d.
tries and 4 certain doubt at.ouf he effi-
rae3 ~ the league - nations. AithouEh
che e trying 20 work in cooperation with
other nations IN the league. her dom.nat-
ing motive frequently leads her into sit
uatinns where her own policy L. not sup
ported ~ the other countries NeVerthe-
iesn. her cunditlun - Improving economic
ATS Wow fur fhn first tlfne since the
War her exports are more than her ini~
ports. of course this trads balance H.
offset - Interest obligations 50 ff,at ne
cannot set he sad 90 BE- on-4he % aTaae
Far France the pr0eesa ~ getufninN 60
nefinal conditions - slower that shn had
suDnuaed. Her people are dielIlaetouinef
r1isy have finally accepted the tflurifie
thar France must work ouf her uan
scanouir salvation. ffaVlna accepted
thls prinripie the material thrift and IN
auesfg ~ her people are hoana - proc
anu@ results"
ST.. uu nois sal tiinf - h.d been al
slsed not % 60 - EnKiant - aerount
q ths cual strike. Ihrneh Esls anf aeF-