Evening star., 1926-06-15

Great Britain RENTS today $6' ,So0.'
900 in payment OF interest and install
ment Of principal on her debt TO the
United States. Her total payments
this year will exceed S.O0,OOO,OOO, ano
since the funding OF the debt In lS2Z
she has actually paid Us in excess OF
a billion dollars. In spite OF the terms
Of the refundment. providing certain
privileges Of postponement OF pay
ments. she has met every obhsstion
without asking grace.
t.ngian nd has never faced greater
tiua nciai difacuities than her industrial
situation has brought within the last
two or three years UnempiOy me mt
a nd doies have not been the greatest
burdens. for the unrest Of labor has
been stimulated by pernicious in0u
ences from abroad. pouring money
into the strong boxes Of disturbers OF
the peace. England faces problems
differing-at least in degree-from
our own In America.
In a publication VI 80 years ago.
entitled Black Book Of Engia nd,
appears the following summing up OF
the policies OF the ma alton, and applica-
ton OF the same may Today be mace
10 OtneF NATIONS Wcu
"To punish the purse Is bad enough,
but 10 punish the person Is worse
England is doing both, In order to
maintain law and order and uphold
her International credit.
AN
The fortitude with which the Eng
lish face their present difficuities Is
little understood by the outside world.
On Nav 10, an official statement OF
the ministry Of labor showed that the
unemployed, registered on the unem'
pIovment exchanges. then numbered
1876 900, besides 325. 600 coal strikers
and 200, 900 strikers iu other in0ds.
tries. The general strike, which had
tied up all industries for several
weeks, had been settled, al least tenl'
pors rily.
There was positive evidence that the
industrial unrest had had ma hcia
support from Soviet Russia, to the ex.
tent OF hundreds OF thousands OF
pounds. in efforts to SO demoraiize SO.
cie,v az TO Ieads to an overthrow OF
the government. 1t Is in the light OF
all these conditions that the payment
Of EngIan nd's obiiga tions with unfa iter'
ing promptness must be viewed. Next
December she will pay us $Sl,soOooo.
and during the next 5S years totai
Of 1V,464, 49,, 900. including interest.
The general strike, together with the
continuing coal and sma iier strikes
Isttll involving over half q million mem,
caused loss not only in wages md pro-
ductiyity OF the industries d'rectiy
involved, but, to- q still greater ex-
tent, loss through injury to business
confidence justifyins new ventures
Yet no special ta xes are to be assess
ed to cover the losses. Business u
depressed not only by the strikes. Dut
by the falling Off OF foreign markets
for English ma nufs cturers. Thls u
in strikinH contrast to the current
business conditions In America--the
best in all our history.
The budget cuts a greater hsofe im
British government hnance tnah j.
does in America. The budget Is oe-
cided in April, since the fiscal year be-
gins April /. Thereafter no cnanSc
can beNmade in expenditures without
the approval of the Commons. Wnen
the excess Of income over expenses
leaves a. balance, that balance, at the
end of the year, must be applied to the
account known as '"rhe Old Sinking
Fund" and SO reduces the genefai
debt.
There was a surplus Ia 1918 and
1919, bat a heavy deficit since the oe
ginning Of the war up to ana 1nciuo
ing 1920. The deficit in 1920 was
$1.595. $50 1894, but that was followed
In 1921 with = surplus OF 81 LIZ, ,l20.-
9l9. The annual surplus mas oe-
creased each year since then. so that
In 1925 1t amounted to only 1893, 1868,
and In the year ended March vi, lS2s,
there was deficit Of $6S ,322, $40
which might have justified delay In
her payments to us. but no such delay
was asked for. England has met her
obligations, because Englfshmen--un>
like some other nati0nalities-have
suffered themselves to pay heavy
taxes. rather than jeopardlze national
credit