Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-31

the three Western ---AA
European nations. HIRD
France, Italy and
Belgium, and the provisional stabiliza-
ton of their currencies, which may
become permanent.
3. The conclusion Of agreements
covering practically all the outstand-
ing war debts.
4. Evolution of Russia toward a
more normal regime.
All these events are of capital Inn
portance, and with the exception of
the first, none of them could have
been predicted with confidence at the
beginning of the year. Taken to-
gether, they justify the greatly in
creased feeling Of security that per-
vades all of Europe today as COM
pared with IL months ago.
Four Major CaIamities.
These positive accomplishments
more than offset the years calamities.
of which four We're particularly grave:
]. The mining strike in Great
Britain.
2. The French politico financial
panic in July.
3. Disturbed Balkan relations as a
result of the Italo-Albanian treaty.
q. Ill feeling between France and
Italy. which is as yet unappeased and
In fact threatens to become more
acute as the revelations of interna-
tional intrigue continue in the hear
ings Of the Garibaldi affair.
Grave Effects of Coal Strike.
The British miners strike, settled
only a few weeks ago after lasting
more than six months. created Il pro-
structure of Europe. England, nor
mally an exporter of nearly 100, 000,-
900 tons of coal annually. not only
lost this item of her trade balance but
was obliged to import coal for domes-
tic purposes at fantastic prices. AS
result of the stoppage of British coal
production, coal prices went SO high
everywhere in Europe that continen-
tai industries We're obliged to curtail
production, and in some countries,
notably Sweden, the cessation of man.
ufacturing reached the proportions of
national disaster. On the other
hand. of course, continental coal pro-
ducers, particularly the Germans. prof
tied hugely at the expense of their
British rivals. thus getting long.
awaited revenge for Britain's profit
taking during the Ruhr occupation in
1923.
British national economy weathAred
the strike. thanks largely to the con-
sequent rise in freight rates, due to
the demand for ships to transport
coal. The drop in cotton prices was
also a precious and timely aiC to
Britain's trade balance.
hn tY-iI
preceded by general strike of SYM
pathy, but it lasted only a little more
than week. The British people had
the satisfaction of discovering in that
brief but uncomfortable period that a
revolutionary spirit is almost wholly
lacking among the English laborfne
classes. All efforts by excited propa.
gandists to transform the movement
into class war proved futile. and
pressure of public opinion, with eff.
cacious government action, brought
the general strike to an end without
serious disturbance Of public order.
POincare Saves France.
The French panic in July tbraat-
ened more dire consequences. Sey-
erai garments had been overthrown
because of their failure to remedy the
desperate situation of the treasury
and the apparent hopelessness Of
stablifzing the franc turned prac~
tically the whole French nation in a
Few weeks into spectators against
their own currency. A rout similar
to the flight from the mark" in Ger
many a few years ago was in full
progress. and it was evident that un-
less a government capable of restor-
ing public confidence could be es;tab-
lished not only would the franc perish
as the mark had done, but the re-
publican form of government would
be swept out to make room for q die
tatorship. whether of the red flag or
the black shirt.
Almost solely by the hard work and
personal prestige Of Raymond Ioin-
care the situation was saved, and
French finances for the first time