Evening star., 1934-04-15
This
Changing
World
Bankers in England
Elated at Ban on
Loans in u. S.
BY CONSTANTINE BROWN.

While the British government ap-
pears indignant at the possibility that
the johnson bill will bar any further
British loans in the United States
British bankers are rubbing their
hands because they forsee that this
sentimental" bill will transfer the
/ world money market from Wall Streel
| back to London.
During the war Wall Street became
! the great rival of London as the
chief international money lending
place. After the war, the drunken
sailor" loan policy Of the American
bankers shifted the money market
altogether from Great Britain to the
United States and the City" shed
bitter tears over the passing Of this
old established market into the hands
of the "parvenues" of the new world
"The City" tried TO compete NTH
Wall Street, but it tDds all in Datn.
While the American bankers man
aged to throW billions into the
hands of foreigners, the London
bankers succeeded in placing pal
try $3.50, 900 900 in loans TO foreign
governments and communities and
$500, 900 900 in European industrial
enterprises.
Now, when the Johnson bill becomes
law, the London bankers will have
their chance again.
Whether the British public will be
pleased at this new chance is de-
batable. Twenty billion of the savings
of the British people have been in
vested abroad. Because Of the
economic conditions interest is paid
by foreign countries on only little
more than $4,000, 100000.
Furthermore many of the British
loans have been used by foreign
countries to increase their industrial
output, thus competing with British
industry. One German shipping line
obtained $5,000,o0 in London TO help
build liners to compete with the
British industry.
The japanese have used the loans
from Great Britain to improve their
cotton industry to remove the British
from the eastern markets.
The japanese are concentrating on
serious things and don't want TO tole-
rate light amusements which still de-
light the western mind.
An American Follies company
opened at the Nihon Gekijo Theater
in Toxic with a revue in which there
was a scene called Partisan Life. ="
Japanese patriots climbed on the
stage and tried to stop the perform
ance, scattering bills and scolding
their countrymen for wasting their
time and money on silly things.
With Ddr NTH Russia fn1r1f-
nent," they said, "loue OF erotic re-
pues is rutnous to the japanese
national spirit"
Il
As in all countries where a dicta-
torship has been installed, there are
men in Germany who conduct an
underground Socialist propaganda.
These men are called "beefsteaks'
because they are Nazi brown outside
and Socialist red inside.
Their work appears successful.
Hundreds of thousands of Germans
read today only what the official press
has to say-and that is very little.
They welcome consequently the So
cialist pamphlets which are a mixture
Of news-Slightly colored to suit their
purpose, but interesting all the same
and Socialist propaganda.
The Cunard Line has ordered work
resumed on the worlds largest liner
which, its designers claim, will be un-
sinkable, because of special shell.
The ne,U liner, which lUiH be an
important addition to the British
NdUy because it can be trans
formed in q short time into an
ourilidry cruiser. lDill haze q gross
tonnage of $4,000 and a length of
1913 feet. When completed it UiH
cost no less than $4,000. 900, about
the price OF an American battle
ship.
Times are changing. What used to
represent real value in the old days is
of no value today.
French farmers have offered to pay
their taxes in kind, suggesting the
revival of the prosperity granaries'
which were introduced for the first
time in France in 1893. In those days
the farmers were urged to pay their
taxes in wheat, barley or potatoes
rather than in cash. Moreover the
government suggested that they lend
the state agricultural products. which
the authorities promised to return in
kind
But this wds in 1898. In 1884
the French Chamber refused to
listen to such proposal and in
ststs on the farmers paying their
tdres in paper money.