New-York tribune., 1922-10-15
About Greenwich. Conn.
Juveniles Of the 7f)s
Frances and Britain Credit
National Wealth Compared in View Of Mr. McE<enna 5
Saying Only England Can Pay
To the Editor OF The Tribune.

Z
To the Editor Of The Tribune.
Sir; The Tribune OF October z con-
sained a timely article with the head,
ing Francs Ability to Pay which
involves the question: lis the credit Of
France entitled to rank with that of
England?
During peace these two countries
have leng increased wealth at an equsi
rate, averaging about "a per cent
yearly. In 1912 the fortune of France
WAS estimated at 6o,ooe,ooo,eoo, quite
close TO that Of England. which In 1914
was exhaustively computed at $40 ,ooo,-
100000. England's riches are conccn- :
srated TO the point of social danger. all
the more in view of the political prom.
lfence of the Labor party, which IN
ciudes some anarchistic elements. The
probate retarns of 1896 disclosed that
less than per cent of the people
owned 10 per cent of the wealth. and
the share that fell to 90 per cent Of
the people barely passed 21a per cent
in testimony of good government the
distribution of wealth in France
closely corresponds with that of Mas.
saehusctts
Rsnscious rents have b!ighted Eng
lands creates industry, agriculture,
which has declined for more tnan forty
years, although her lands respend sur
passingly TO tillage, and local markets
encourage home production most OF
the country's food coming from over
seas. But the landlords have exacteG
increasing rent for every advantage,
even for improvements By their ten
ants. About 1878 great numbers of
farmers were forced into bankruptcy.
While many other thousands sought
1airer conditions abroad. or the farm.
ers, only one-eighth own the land they
TIL; the freehoiling farmers OF France
and Germany constitute seven-eiehths
OF all cultiyators. To the economic
nnd social security of France. the Rev
oiution uprooted feudal titles to land,
which benefit is potent factor wher.
comparing her debt-paying capacity.
France, with agriculture bearing
proper relation to other industry. is
self-contained; her people, Industrious
ana thrifty. have little incentive to
give ear to the poisonous propaganda
OF quiet revolution that urges absurd
working hours and favors sea cannv"
methods In the circumstances the re-
public is not confronted with the
choice between revolution and the sup
port OF millions of unemployed from
the revenues. AS a self-contained ma
ton France is only moderately affected
by adverse tariffs to England trade
is vital.
Mr.. McKenna said in his address to
the bankers convention Only England
can pay" This claim was made on
extravagant estimates of her invest
,nents abroad, estimates that are not
supported by probate returns or in
come tax returns, the former being
rather conclusive and the latter quite
inquisitorial. The highest authority on
the subject Is the eminent statistician
Sir j. c. Stamp, of the Internal Reve-
nue Department, whose British In
comes and Property" deals exhaustively
with the wealth of Britain in 1914, and
whose findings seem to have general
approval. DR.. Stamps statement of in
yeBtments abroad is as follows: Rail-
ways out of the United Kingdom, $685.
100000; Indian. colonial and foreign
securities, 1921 100000; capitalization
of coupons, $3.50 900 600 We have thus
IN foreign stocks and bonds 91 ,659 ,000,-
600, or o0o,o00,o0o, almost the equiv
alent of 42,e750oo,ooO francs, the
amount of similar investments held by
the French in 1912.
The citizens Of each country sold
billions of dollars of foreign securi-
ties to make patriotic subscriptions to
war loans, yet the former Chancellor
stated that England has foreign Sc
curities of two or three times her debt
to America that is to say, despite her
war sacrifices she now has from ss,o0O,-
e0o,0o0 to sl275o. 600 900 invested
abroad. There is no occasion to refe,
at length TO his statement regarding
the quality of French foreign invest
ments, There are due to English ma
). tionals large balances of income accru
ing abroad, on which the government
information was so meager that DR.
stamp placed the figures at 600 600 .0ot
to seo0, 600 900.
These balances may evade an,