Evening star., 1926-10-10
ECONOMIST TELLS
OF FBR|TA|N'S NEEDS
John Maynard Keynes 0p-
poses Attitude of Conserva-
tiSm in Evolving NormaIcy.
BY EDWARD PRICE BELL.

Cores spon6ence OF The Star.
LONDON, August 19.--FeelinEs. ac-
.cordinc to John Maynard Keynes. IA
NOUS English economist. need to he
elucidated "by an effort of the mind"
in other words. Mr.. Keynes considers
thought desirable thing. He trusts
thought more than he trusts political
agitation or premature experiments"
at least, he deems such agitation ana
experiments of doubtful value unless
preceded by thought
talked with Mr.. Keynes. tall. un-
affected, courteous, lounglnE man, IN
the living room of his London home,
while towering plane trees rustied
above the windows. There is faint
violet tinge in his gray eyes; he looks
steadily at you, talks readily, makes
frequent reference to books and pa
pers, has the unmistakable manner OF
one long habituated to study.
Revolution" i'm Britain.
Great Britain, in Mr.. Keynes opir,-
ion, is suffering the first pangs OF
something in the nature OF another
industrial revolution Protound
changes have taken place in the
world Men and things have changed.
Old systems have broken down. IN
explored ground lies before humanity.
especially British humanity Polltl-
clans and empiricsts in general neeu
the counsels of scholars and thinkers
Not much love is lost between Mr..
KEYNES and the empiriCists Of politics
and business. Frankly, the economist
attributes to politicians neither over
vhelming knowledge nor impeccabie
morality while he sees many business
mon cropinG in a dark and tortuOus
world by the light of tapers. Study
harder, Know more. Think more!
Mr.. KEYNES is a disturbing influence.
He believes in tiptoe eagerness. he
believes in work. The intellectual
lazy do not like him.
Rejects Conservative View.
What does conservatism say to
Great Britain in her trouhlOuS Sltua-
tion? 1t SAYS: I'VE must keep our
old industries, good or bad. Lower
wages? Have them. Longer hours!
Have them Protection? Have 1t.
Subsidiesc Well. not inconceivably.
Have anything that may be necessary
to preserve intact our historical IN
dustrial position" Mr.. Keynes rejects
this standpoint. He is an economist.
If an industry or a business Is hol
economic let it die.
Probably 10 per cent of Great Brit
aims export industries have become
uncomfortable because of either inter-
nal or external reasons. conservatism
hv hook or crook, would enable these
Industries to continue. Mr.. Keynes
would allow them to wilt away. Ihey
are a "non-profita BILE fringe. Some
dininution of exports and also OF for
ejcn investments easily can be traced.
Money and energy devoted to un-
economic trades. says Mr.. Keynes,
were far better devoted to stimulating
other trades in organized fashion.
Great Britain must get properly on
her feet again industrially If the in
stitutions of western society are to
survive and to advance on accepted
lines. says Mr. Keynes. Like it or
not. VIC are on the same boat. We snail
foat or sink together. Catastrophe IN
Great Rritain-and industrial catas-
trophe would involve political catas-
tropho--would create a vortex of un-
precedented danger in the heart of the
democratic world. If statesmen are
blind to this great fact, they must be
made to see it"
Views Debt As Burden.
Unlike most of his technical CO.
+emnoraries. Mr.. Keynes regards the
british debt to America as Il very
heavy addition to Great Britalns bur
6ens Is il a small sum? 1t is equlva-
lent TO two-thirds of the cost OF the
British navy and to nearly the Whole
COST of education to the British gov
ernment. Not all Great Brltain's mer-
chant ships and coal mines put to-
eether make profit sufficient to meet
the half-million dollar daily payment
which the country is bound to make
to America for 60 years. With an
equal sacrifice Great Britain could
abolish her slums and rehOuSe her
OOpulat;On in comfort
Interallied debts, as Mr.. Keynes be-
NeveS. rest upon no good foundatlon
of anv kind-are equally repuSnant to
Justice and to logic. They are poltl-
cal. not commercial, debts. He would
have had them sponged from the slate
on the DAY of the armiStice. He would
have had Great Britain follow this
course regardless of what America did.
Tie even would have put away the
wild visions of what war-ravaged Ger
many could pay. He sees in the debts
no economic advantage to any one
only the prospect of growing bitter
ness He has no doubt that the pass
ing of the Dawes plan into the cat
ecorv Of vain theory is only matter
of little time.
Lent to Avoid Waste.
lust look at this debt question for
q moment" saws Mr.. Keynes. 1T is
curious commentary upon the hu
p man mind WHY did we lend instead
of giving? Merely to avoid waste and
set un effective financial controls.
There was nothing else to it. Nobody
looked upon the money spent IN the
war as money invested commercially
It all went to defeat the enemy. DID
Britain or America charge France or
italy for British or American shells
fred off from British or American
guns by British or American gum
nerSr
.'Certalnlv not. Yet, when British
or American shells were fired off from
French or Italian guns the real cost
10 us or to America was much less.
since France and Italy supplied the
elnners. suffered the casualties and
are paying the pensions. In this lat
Ter case, we charged. When America
was in the war only financially she
charged. When she was in lock, stock
and barrel. relieving France IN a
whole vast sector, she, herself paid
everything and never dreamed OF ask
inc Il dollar back.
Debt Policy Inconsistent.
"Whcn Great Britain sent men as
well as supplies TO the Italian front
there vas no idea of charging Italy
anvthinc. When we sent only sup
plies. we demanded pay for them,
That is "a sly. when we spent little
We nut il all in the books against our
slv and when we spent much we for
cot il America behaved just like our
selves. When your men and guns
had not reached rhe front and only
your shells or wheat or gasoline were
o;jipr tho E'rapch armies the latter