The Birmingham age-herald., 1924-01-21
By SIR CHARLES Ross. BART. Couvrirhf 1894

Bs SIR CHARLES ROSS. BART. .. .Cepyriyht: lsst
 tBy ssa arssnssmsn. Mlrs so miis sss fse Outlook.
 LONDON, Jan. 2O.-The lone tend ency of the moment we have to regret is the attitude of some of our great business and financial captains who have set an example to timid investors which too many of these have been swift to follow What. else can explain the serious break in the American ex- change, at season when; technical considerations indicated a sharp recov- cry in sterling, than the sale of British securities to make investments in New York. -. As every bank and brokerage house shows, these operations born of panic have continued, and tended to increase, ever since it became apparent that MT. Mcdonald would .he&bme prime minis ter. It is humiliatine to have to say that q restoration among investors of confidence in the future of our country is badly needed. but the fact cannot be denied. If the present slight tend ency of capital to seek refuge aboard cannot be stopped in time. the shock of Mir. SnOwden's socialist budget in the spring may produce reactions that will deal terrible blow to British credit. And when the world ceases to have faith in British crdeit, evil days will be at hand. If we disregard the perturbations of the world of finance as .. temporary lapse soon to be remedied. as Akin to- tEe Hurry of panic that passed through the markets when the 1914 war clouds rolled up. We can assure ourselves that the national morale has held firm in this emergency
 Laberifes Are Conservative >--
 Who would have conceivets one short month ago. that labor could take office without arousing the spirit of faction to an unprecedented if not dangerous degree? We find, on the contrary, tolerance and good humor. have prevailed. The tory party, with majority that ensured it a tenure of office for four years. went down to ! crushing and humiliating disaster. but has taken it's misfortune on the whole with a dignity that must command re spect. It would seem.. to a superficial ciew, most natural that two Ioder and historic. political --,
 Organizations. menaced by a minority socialist cabinet, should unite tenn porarily to keep the control of the country in safe hands. This was cer- i tainlny the first impulse of many tories and liberals alike
 Even granting that labor must he permitted to form a government, it might have been expected that the tory and liberal members would regard such an experiment with implacable hostility, ! seek to embarrass the new cabinet at every turn, and bring about it's down. fall at the earliest moment There are iunmistakable signs, we, are glad to know. l that she temper of the new House of Commons will be very different.
 Is Suspicious
 Labor itself has approached its task with suspicion,- perhaps born of fear, but-not even the ill-tempered and often vulgar ontbursts. of the official labor organ, which has seen. plots and con spiracies behind every bash, have af- fected the wise and tolerant intention of the rest of the nation to make allow ances for labor's inexperience, and, for I some of the crank shibboleths to which it has been committed by it's left wing, and to give labor every opportunity to make good. = There Is no reason whatever why Mir Macdonald should not stay in office for at least another year or two, if he chooses to follow out a sane foreign policy in support of British interests, refrains from making trouble in India or Egypt, and remembers that taxation IS already so heavy that many most, de l sirable social reforms cannot be under taken until trade has been revived to an extent that makes possible lower i rather than higher bHrdens imposed by the state upon the owners of capital.
 MT. Macdonald. we are quite sure, will be unable to follow out such pro gam the election promises made by hbor, the principles to which labor is committed, will irresistibly compel a ciash between labor and the rest of the country not later than the introduction of the first labor budget, which will be of character to ruin the nation were it put into effect.
 But, nevertheless, the temper exists to sink all old prejudices. some of them social as well as economic, and to give labor every chance, and we hope Mir. Macdonald will frankly recognize, in his first speech to tine house as prime minister, the reception he receives from the opposition benches. where most of his opponents will be honestly anxious to keep labor in power and avoid an eIec- tion for a long period. /