Evening star., 1923-09-28

| manufactured articles. But Hungary
was able to borrow money outside
and SO was able to pay the small
| excess of imports over exports each
year. She kept her International ma
chinery of exchange--her money--at
trade gyaw and prospered The flour
and corn mills of Budapest became
she largest in Europe.
| Since the war she has lost rs per
cent of her territory. She has not
been able to balance her imports and
| exports. Result-her trade is slow
ing down: The machinery is not
working. That means a lower income
per individual in Hungary.
Based on tonnage, the record is
bad In 1922 she imported 2,22S thou
sand tons, while she exported $40
thousand tons. In 1922 she imported
1850 thousand tons, while she ex-
| ported f,400 thousand tons. The per-
| centage record so far in 1923 is no
better. These figures would indicate
that Hungary, as at present organ
| lied, has not demonstrated her abil-
/ ity to live. She is not paying her
board bill in the family of nations.
| Her government record is no better
| She is spending each year nearly
three times her income from taxes
Her printing press has been pounding
out new money almost constantly
during the past five years.
! The public debt increased from / ,60t
millions Of dollars In 1914 to S.909
millions of dollars in 1918, an increase
I of $50 per cent. Today her public
J debt is So per cent of her estimated
, total wealth.
| Her bank note .circulation-her
money-and deposits increased from
/ 491 millions of dollars in 1914, with q
gold reserve of 63.5 per cent, to 49,
444 millions of dollars in 1920, with q
gold reserve of less than II Of / pei
/ cent. These figures are for the ole
Austro- Hungarian monarchy.
It's the. old, old story. The gold
| point broke. Higher prices, lower
purchasing power of money, more in.
fation, still higher prices and slow
! ing down of production.
| Today Hungary has no credit She
| can neither sell her bonds within nor
without Hungary. Her military ex-
! penses are increasing. Her deb
charges are larger than she can pay
and her foreign trade is going dowr
| hill because her ability TO purchase
| is getting smaller each month.
| Her one and only recourse today
consists in printing more and more
paper kronen. In 1914 an American
| COLLAR would purchase 5 kronen. Ir
July, 1921, | purchased 500 kronen fol
81. This year in July / got 1000
| kronen for 81.
control of the authorities. They have
tried hard. but unsuccessfully. In
! dustry cannot keep up with the de.
probation of the Hungarian krone.
| Count Bethlen, the prime minister
! in April of this year presented the sac
case of Hungary to the attention OF
the league of nations. 1t has ap-
pointed a committee to investigate
and report back.
/ IF you will read this book care
/ fully" said Count Bethlen to me
you win see that Hungary has trieG
/ very hard to make good. But withou
/ help we cannot so much further"
/ believe the prime minister is
right. Hungary alone cannot clint
back She has been too sick and she
| is too weak
| The middle classes of Hungary are
gone. Schools are closing. tuberculo.
| sis is spreading. Three hundred
! horses a day were being killed il
| Budapest in July for meat
! Poverty and distress is falling on al
classes with crushing weight. Ir
winter, with little or no fuel, the suf-
| fering during the past five years has
been particularly pitiful.
Hungary alone. / do not think, car
survive. She will sink on down into
the quicksand of debt.
Perhaps the league of nations may
! help undo the folly and depravity at
man in his hour of triumph, such as
| they have tried to do in Austria
Along some such lines lies Hungary
hope.
| Copyright. 1923. in United States and Great
britain by North American Newspaper
I