Capital journal. (Salem, Or.) 1919-1980, 1921-11-26

London, NOV. z0.--- ne Iiah
anticipated fifteen years ago II
.The Great Illusion" the present
Industrial position, returned q
London from Germany recently.
Norman Angel is serious man,
hut he has some difficulty in not
smiling at the panic stricken ell
forts now being made in this coun-
try to escape from position that
Ii largely, in his opinion, OF our
own making.
sThe extremely critical situa-
tion," he said, has in the main
been deliberately created by our
selves. The very people who are
now crying out for a remedy sim
ply would not listen to any eco
nomic consideration when the war
settlement was being made. The
government at that time was hag-
ridden with the clamor to make
Germany pay.
Not Surprised.
Mr.. Angel is not in the least
surprised that British manufactur-
ers now find themselves unable TO
compete against underselling by
German exporters. This compe-
tition," he said, "is really the re-
suit Of desperate effort to find
money with which to make repara-
tion payments. In doing so Ger
many is running the British man
nfacturer and incidentally, In the
long run, impoyerishing herself.
.Her factories he went on.
.'are bulging with orders, and
many have actually to refuse work,
but the German people have no
shirts on their backs. Out Of our
poverty said one manufacturer
10 me, we are making Christmas
presents to the foreigner"
$50 the German boom can't
5ast?'
mo, II can't possibly last, and
all the thoughtful people over
there know that it can't. When the
time comes for them to buy cotton,
rubber, petroleum, iron and other
raw materials, with the present
mark they will no longer be able
to undersell to such an extent.
s'During the next few months
che cost Of living In Germany Is
going to soar, and the people Will
not be able to support themselves
on their present earnings. Thea
there will be grave industrial dis
turbances, and the currency VIII
depreciate still further
"Eyen, therefore, If our manu-
facturers become comparatively
free from German competition we
shall be no better OFF, because Ger
many will be still less able TO
become again a market for our
goods"
Are export credit schemes, the
building OF garden cities and more
generous oyerdrafts at the banks
likely to improve the position In
this country"
Mr.. Angel waved them aside
with sweep of his, arm. $50
long" he said, ''as you allow the
old disruptive influences and pref
udices to remain and have regard
for special interests and the pro-
lection Of what are called key In
dustries, such schemes are merely
o waste of money"
No Quick Remedy,
''What remedies would you sug-
gest?"
i''There Is no short cut back to
prosperity and employment, There
Is, no quick way of adjusting the
exchanges that are making trade
impossible. The process Is bound
tobe a gradual one. The only poll
icy that can possible restore the
position of this country must be
based on fundamentals. / would
suggest:
THE wiping away Of certain OF
the war debts.
Reduction of indemnity.
Abolition of restrictive legisla-
tion. such as the Safeguarding OF
Industries Act and the economic
sanctions on the Rhine.
Cutting out Of all waste, such
as wars, armies of occupation and
excessive armaments. and so max
ing possible reduction OF taxation.
.'ProbabIy the creation OF an In
ternational loan for the purpose
of facilitating credit.
"Relief OF the famine in the re-
establishment OF trade with Rus
sio.'
In conclusion Mr.. Angel in
sisted that the problems OF peace
must be approached in the same
spirit as the problems OF war.
$50 long" he said. "as you can't