The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-09-26

far the British pound will sink and
how severely all other capitalist pow
ers will be affected by IL.
All of the, capitalist countries ar,
making the most hurried prepare
tons to meet the competition o.
Great Britain on the world market
President 'zamorra OF Spain h1
called a conference Of financial u
perts to discuss measures to be tax
en- to prevent British manufacture
from flooding the spanish markcl
with cheap goods.
Germany is being hit severely by
the increased competition Of British
manufacturers. The New York Times
reports from Berlin that.
THE continuing depreciation of
the EnyIish pound, is being watched
with great anxiety in Germany.
where it is realized that each penny
the pound loses in value means a
loss TO the German balance of
trade"
This increased competition on the
world markets is being brought about
at time
when the market which English
commodities can flood is extremely
small.
ION the other hand, this should
serve to make the struggle for ex-
port markets even more acute"
The competition from Great Brit
ain is expected to be SO sharp in the
coal, machinery and textile indus
tries that even the German domes-
tic market is expected to be threat
ened by British exports. This is the
significance Of the wage cutting poll
cy Of the British capitalist class. The
German capitalists will answer this
with further wage cuts, aided by the
German socialists just as the Brit
ish socialists are aiding the British
attack on the workers.
Moreover, the reduction of
wages in coal mining will, it is ex-
pected, be permitted by the govern
ment in order to strengthen the
German industry"
In Colombia, President Olaya I'M
der dictatorial powers granted by
Congress, has prohibited all gold ex-
ports from the country and will ap-
point committee to supervise for
eign exchange rates. The financial
situation of the Latin American coun-
tries which was serious before the
present financial crisis has been
sharpened to such a degree that there
is slim possibility Of preventing them
from complete collapse in the imne-
date future. Another of the mea-
sures of Olaya is designed to cut i'm
ports sharply. This will hit particu-
larly the United States and Great
Britain, the two chief exporters to
Colombia, and will sharpen the strug-
gle between them for the contracted
market.
The financial war between France
and the United States is becoming
sharper The bankers of these two
countries are now struggling as to
which shall benefit most from the
losses suffered by Great Britain on
the world credit markets. The Times
reports this from Paris quite Sharply
as follows:
THE question whether the franc
or the dollar is destined to replace
the pound sterling in the leading
role in International markets was
uppermOst today in Paris finan-
ciaI circles, which have seen the
pound Invested of one-fifth Of its
value"
L'Intransigeant, one Of the greatest
capitalist sheets in Paris, writes that,
'Tn the final analysis the pound
sterling has lost its leading role in
the world market. The question is
whether the franc or the dollar will
replace it."
The results Of the struggle are al
ready apparent. In Roumania all
transactions are being carried on a
franc basis while in Czecho- Slovaha