Evening star., 1926-10-31

would be theirs under just imperial
distribution; the other dominions to-
contribute or not, each according to
the measure of it's magnanimity. l am
inclined to predict that South Africa
will come to more generous state of
mind regarding the empire before
many decades pass; the Free State,
also, though no doubt more slowly.
The above requires some qualif1ca-
ton. Aerial cooperation throughout
the empire, with just distribution Of
costs, seems not improbable, and this
is important; since the future of war
peace, the Locarnoists and millenar-
ians) will be largely in the air.
Lord Clarendon, chairman of the
committee which supervises opera
ton Of the empire settlement act OF
1922, exploded a bomb, so to speak, at
a meeting Of the imperial conferences
committee on overseas settlement. he
showed, that, so great is the decline
in the British birth rate, by 1880 the
boys and girls in Britain between the
ages of IA and 18, available for en-
ployment, will be fewer by 100000
than those now available. Now, OF
course, the immigrants the dominions
desire are precisely of that category,
and equally of course British industry
will wish and need to keep those of
that category go So decrease rather
than increase of the present rate of
British emigration to the dominions
may be expected. (The total immigra-
ton into Australia during the past
FIVE years was about 10000, almost
all Britons) Will it, or will 1t not. re-
suit from the astounding fact disclos-
ed bv Lord Clarendon that Canada
will still further relax her immigra-
ton restrictions and that Australia
and New Zealand will considerably
modify their present policies framed
practically to exclude any immigrants
except the flower of the British stock!
X X y X
BeIgium,-The most striking news
item of the week was that announc-
ing sterilization of the Belgian
franz: namely, at 174.30 to the
pound 36 to the dollar. No longer,
however, is it to be quoted on the
foreign exchange markets. Instead
new monetary unit. named the
"belga." is established, purely a
money of exchange, based on gold.
The dollar is worth almost exactly
7.2O belgas. The ratio OF francs
to / belga is guaranteed.
On Monday stabilization loan OF
the equivalent of $1O0.O00,000 was
f1oated, half on the New York mar
ket. half in Europe, chiefly on the
London market. The bonds were
quickly grabbed up. Nine banks OF
Iissue-including the Federal Reserve
Bank of New York, in ch1ef. and the
banks of England, France and Hol-
land. and the Observation-Disclosures
underwritten a private credit to the
National Bank Of Belgium totaling
the equivalent of $35,000.000 to pre-
vent exchange fluctuations. 1t
should be added that the National
Bank of Belgium possesses, by way
of cover, the equivalent of $45,O0O,-
600 in gold or gold securities.
The above-recited arrangements
should prove adequate to maintain
stabilization. 1t will be recalled that
an effort at stabilization last Spring
failed because of the inadequacy of
fortifying arrangements. Recent
communal elections in Belgium re-
suited unfavorably to the Socialists,
favorably to the Catholics and Lib
erals, especially the former. Very
probably after fiscal and financial
Mobilization has been effected by
the Conservatives. Socialist ascend
ancy will be re-established in Bel
gium, but tnefe as ELSEWHERE Social
ist leadership in an economic crisis
is discovered to be precisely not the
ticket. It is of particular significance
that the chief Socialist losses were
in industrial areas.
k X X X
France. 1T is reported that the
French government has decided to
resign the Syrian mandate on condi.
ton that 1t Is transferred to Italy.
But realization Of that condition
might not be so simple. Assignment
Of q mandate requires a unanimous
vote Of the League OF Nations coun-