Evening star., 1923-12-31
GroWth In Europe
FEW CHANGES IN YEAR, y.
BUT OPTIMISM GAINS
Marked Contrast Is Now Seen to Prophecies
of Ruin That Filled the Air
Twelve Months Ago

ana what is more important they also
own their own souls for the first time
III modern history. Previously they
We're a kind of protectorate, ;:ader the
.utuIage of all the civilized" powers
now they are real nation, and in an
extremely advantageous position com
mandlng numerous important trade
n0ules and immense natural resources
me crusaders who eight years ago
were bent on driving them out OF
Europe" are today eating out of their
hand This change has come about in
the eVentful year of 1929.
common detestation of Greece
whose immense and dearly won en-
pire has melted away in tho same
space OF time, unites the Turks TO
the Italians. The latter. since the
rise OF Mussolini, have bent their
energies toward establishing them
serves as rulers of the Mediterranean.
Against this pretention we find the
Jugoslavs, who were once called the
brave little Serbs" and have never
been able to comprehend why all
their natural seaports were handed to
italy at the peace conference. The
French, who don't relish the idea of
having the sea that separates them
from Morocco and Algeria turned into
an Italian lake. are backing the Jugo-
slavs in this business
Economic Conditions.
Economically speaking, the year be-
gan very badly. The Ruhr Invasion
stopped the wheels of the greatest
machine shop in Europe. 1t will not
be easy to repair the damage that has
resulted from ten months of enforced
ldIeness. But just as the year comes
TO close the wheels are beginning
TO turn again An agreement between
the French forces of occupation and
the Ruhr magnates seems to promise
both parties keep faith, that the
Ruhr Will, if anything, become more
powerful as an industrial center than
ever before. 1t may mean prosperity
not only for Germany, but for France
as well, and if that happens it will be
momentous for the worlds peace. 1t
viii mean that Germany and France
nave common and compelling inter
est in being good neighbors 1t may
teach both nations that war between
them cannot profit either, but will
weaken both for the advantage of
third parties. United we stand, di-
Vfded we falP' would not be a bad
motto for Franco-German economic
alliance.
But it is hard to see how the British
economic situation will be helped by
Nthis new development. Indeed, fusion
or French and German economic in
tereSt has always been opposed by
Great Britain as a vital danger TO
British industry During tho past
year, although there has been no I'm -
lem in England. the situation has
been saved to some extent by tre-
mendously increased expectation of
coal. caused by the stoppage of coal
production In the Ruhr
Franco German corporation in the
economic field will mean increased
efficiency for both countries, but the
consequent increase in production in
q world already suffering from "over-
production is scarcely comforting to
N
lay on workmen for lack of markets
However, that bridge may be cross
ed when we come to 1t. AS yet,
Franco-German cooperation is only.
an interesting possibility.
me year has produced few changes,
broadly speaking, in the European
outlook 1t is worth noting, however,
tnat the general atmosphere ig de-
cldeoly optimistic as compared with
the dire prophecies OF ruin that filled
the air twelve months ago.
Stability Prospects.
The essential foundation of bust.
ness-confldence in the stability OF
appear in Europe, and on the Ameri-
can principle that Europe must put
her own house in order before Amer
lea will take a hand, the prospects
look decidedly brighter than a year
ago.
Does this mean that America will
get "entangled" in European poll.
tics?
The answer Is that America is al
ready "entangled." America got en-
tangled when she entered the Euro
pean war and she let herself in for
good when she lent $4,000, 100000 TO
the European belligerents. When a
banker lends money to business
man he gets decidedly entangled in
that mans affairs. If the borrower
gets into financial difficulties, the.
banker, to protect himself, must take
an active interest in helping him out
of his troubles.
The example of England should be
enlightening. England has been cry
ing for Isolation" The Bonar Law
and Baldwin governments tried to
pull out of continental politics. They
even tried the long-recommended
threat of demanding repayment of
the French debt to England. But it
failed to work, and 1t is safe to say
that if America tries to pull out OF
European affairs in the same way,
the result will be the same.