Evening star., 1933-07-09
Britain Determined to
Line Up With Continent
BY A. G.. GARDINER.

LONDON. July 8.-The Steering Com
mittee of the World Economic Confer
ence held an inquest on the corpse
Thursday and. despite universal convic-
tion that the conference was dead, the
body was resurrected
President Roosevelts thunderbolt on
Monday was believed by many to have
killed the conference. The question
discussed was whether Mr.. Roosevelt
intended to torpedo the conference or
whether he was simply unaware of the
terrific nature of the projectile he
discharged. The former view was sup
ported by the terms of his message,
which gave the impression of SER
geant-major addressing the awkward
squad. which happened to include his
own delegation. The other view was
founded on the assumption that the
President did not know what the con-
sequences of his action would be- What
ever the explanation, the conference
received vital blow.
At least one voice on this side of
the Atlantic, that of the brilliant will
O the wisp. John Maynard Keynes,
pronounces President Roosevelt mag
nif1cently right. This probably will be-
more comforting on the other side Of
the Atlantic than on this side. where
the licensed economic jester has ceased
to amuse.
Sympathy was felt here for the un-
fortunate American delegation. who.
having been brusquely brushed aside,
were the most pathetic figures in the
universal bewilderment.
Another personal aspect OF the situ-
alton that is much discussed is the
position OF Premier Ramsay Macdonald.
who returned from his interview with
President Roosevelt with the confiden.
assurance that the success of the con-
ference was guaranteed and who now
f1nds himself Inundated and discredited
by the astonishing turn of events.
Whether his prestige can survive 50
fragrant rebuff is widely questioned,
but his strength lies in the desire Of
the Conservatives to preserve at least
the national facade of the government
The main topic Of discussion is wha.
course Great Britain should take in
the light of the new situation. In
spite Of the battling and incalculable
character of the Presidents policy in
regard to the conference hitherto, it is
now assumed he has taken a final
decision. His second message. while
admittedly couched in more consid-
crate terms than the first. showed nc
modification of his essential attitude.
1t is taken for granted that the
United States Is now committed to
unequivocal economic isolation, and
the similarity of the situation to that
after the Versailles peace treaty, when
the United States resumed its political
isolation, is the subject of general COM
ment. Whether this isolation of Ameri-
ca Will tend to aggravate the policy
of nationalism prevalent in Europe or
have the effect of consolidating the
continental powers is matter Of specu-
lation.
The general impression is that the
cause OF international cooperation has
suffered a shattering blow from the
weeks events. the effect of which will
be felt not only in the economic field
but in the political field and especially
in relation to the cause of disarmament
for just as the problem of currencies
cannot be separated from world eco
nomics, so world economics cannot be
divorced from international political
issues.
The balance of instructed opinion
here is that, whatever temporary and
apparent success the present move
ment may have, the ultimate effect
Of extreme nationalism will be dis
astrous. Apart from Mr. Keynes, no
authority Of weight believes in the
practicability of a managed currency
based on commodity prices or In the
doctrine Of economic nationalism, whose
devastations have been the chief cause
Of the world depression.
As to imitation. 1t is a word Of Ill
omen in Europe, where since the World
War one nation after another has
seen its currency vanish like the SHOWS
in May. 1t is the memory OF this
experience and the dread Of its recllr-
renee that makes France and Italy and
the rest determined not to risk an
other adventure on the uncharted seas
Of imitation. British opinion shares
this view, and II the alternative Is
following Amfdcs into the realm of