New Britain herald., 1922-10-14


 Greece is not with her. Germany alone, in case Of war. Is her only pos sible ally. The Germany of today Is not on friendly terms with the Turkey of today. Should, however, Germany go in with England, there would have 10 be an entirely new interpretation placed on many European relation ships and the problems of those re- lationships There is the matter of separations. for instance. All anter- national finances would be upset.
 Yes, England stands practically alone. Italy will back Turkey. Rus sin will back Turkey, And, of course, France will back Turkey Hence 1t must be kept clear that the real issue Is not between Great Britain and Fur key, but between Great Britain and France. France has been backing Turkey. England has been backing Greece. Turkey and Greece, however. have been .but pawns on the chess board.
 When the last war was on. Rus sia was promised Constantinople. Russia withdrew. Then it was de cided to keep Constantnople free, out of the power Of either France or Eng land. England slowly got a bit of the upper hand. This hurt the pride Of France who patiently awaited her op- portnnity. Last month 1t came Then France played her cards. In a few hours the entire European situation changed. Today France holds the trumps.
 Tt Is not merely a war on paper remember. Turkey is fortifying her self by putting guns and troops at stragetic points. Frankly. England Is in a hole and this is what caused the stock market to break and foreign bonds to tumble. Her own people are against war There is the memory of the recent bloodshed There is still the warning mark of great sor- row. An Englishman, too, cannot see himself going to Turkey to fight When Germany thundered in Europe right at England's door, the English Tommy was on fire to fight But to. day it Is different. The Englishman remembers sadly what happened at Gallipoi. He remembers the fearful cost of conquering few Boers in South Africa. He knows that there are over 2oo.Ooo,0o0 Mohammedans at Turkeys back door.
 Even the Engfishman, who hasn't son that is already lost or son to lose, has taxes to pay. England, with her intention of paying her debts, is the only European country that yno11v tavnH hnr v>nor1n ordinary English tradesman is up to his chin in taxes (Eneland has the highest tax rate in the world.) He is not eager for more, the weight of which would almost break him. This Is the proposition with which England isiaced. She has either got to fight the Turks at tremendous cost of men and money, without the full CO operation of her own people, or else she has to lose India, Egypt. Persia and the Holy Land. Do you wonder the stock markets broke?
 What will happen? do not know: but what ever happens, there will he no check on business. The farme. will be helped by higher prices for wheat. Manufacturing and shipping will become more active. The cost of living will go up. Money will be firm or and scarcer. People will sell their foreign securities. The stock market, however. will not permanently suffer When the financial history of 1922 is written, this will be chronicled only as break in a bull market More. over. the writers will add; Consider  ish situation, it is most surprising that the stock market has behaved so well Only the fact that business was not inflated but was still 6 points below normal saved the situation. Had the nation in 1922 been enjoying Q period of real prosperity, there would have been witnessed a real old-fashioned panic"