Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-17
BR|TON SEES j. S.
running SELF WITH
"ONE-WAY TRADE"
Economic Ills Laid to Lack
of Imports by Sir Francis
Goodenough, C. B. E.
GOLD ONLY INSTRUMENT
FOR EXCHANGE, HE SAYS
Piling Up Horde and Refusing to
Accept Customers Goods Scored
by Noted Business Leader.

One-way trade caused the economic
ills which have beset America, Sir
Francis Goodenough, c. B. E., dis
t:nguishcd British business leader, de-
clared in an interview today.
If you want to export goods" he
warned. you must import the goods
or accept the services of your GUS
toner nations. Trade is, in its essence,
exchange, and gold is only a medium
to facilitate the exchange of goods or
services. America has piled up gold
in cold storage and is only now begin
ming to realize that trade cannot live
by gold alone"
Optimism over the possibility of an
early return TO normally was expressed
by Sir Francis, though he declined to
make definite prediction as to when
the reaction would begin The KEEN
eyed Briton forecast:
Suddenly people will decide prices
have reached the bottom, will begin Ia
buy and then away we will 60"
The Lincoln Memorial and the New
York skyline are the most impressive
sights Sir Francis has seen since ar
irving last week for his first visit in
this country. He thinks Washington
Is the most beautiful city he has ever
seen.
Sorry He Waited.
II should be kicked for not coming
here sooner" he remarked.
As for his native land, Sir Francis
commended England is perfectly sound
in her foundations, but has been max
ing three mistakes:
That of spending more than her
revenue in the past year or SO and
borrowing TO meet the difference. This
caused diminution of confidence in
her financial soundness.
That Of planning her expenditure on
social service and on wages on too gen.
erouS lines, considering her war liabil-
ties. This has imposed on industry
burden that has handicapped her
traders IN tie neutral markets OF the
That of preaching too strongly the
creed of Buy British. This has led to
counter propaganda in countries for
merly her customers and III becomes a
nation that lives by her world wide
trade
England is taking stern steps to COR
rect the first two errors so far as ma
tional finance is concerned The wage
question is also in process of handling,
but presents obvious difficulties. The
brave and patriotic actions of Prime Min
the Excheouer Snowden and the other
Labor members who have backed them
VIII make the correction af all these
mistakes easier"
Macdonald to Win
Sir Francis predicted Macdonald
would receive support that will surprise
the world in the forthcoming general
elections
"A great handicap to the trade Of
both England and America" Sir Fran
els sale lis the chaos in and under
development Of China. India, Russia
and the smaller countries of Europe.
The essential to the solution of all
these problems-a solution that is bound
to be slow, but need not be too long
draWn-out if wise action is quickly
taken-the essential is an honest ex-
animation of the facts, candid discus
sion of them and then frank under
standing and close cooperation between
England and America
Neither must study too closely her
own immediate interests. Both must
look to the ultimate benefit accruing
from putting the welfare of the world
first and must accept the truth, for it
Is the truth. that Heaven helps those
VINO help each other"
Discusses Economics
Sir Francis discussed economic con-
oltlons yesterday at a luncheon of the
Engllsh-Speaking Union in the Willard
Hotel
Another speaker, Sir Alexander. Law
renee, former solicitor of his majesty's
treasury. declared business seems much
worse than it is. He added the British
should be firm and hold India. He
said, however England did not wish
to adopt a policy of oppression in India
and so it probably would leave more
OF the management of Indian affairs
in the hands of natives.
Sir Alexander said boarding Of gold
in New York and Paris caused the
collapse of the world financial struc-
ture. He predicted a gradual recover.