The Waterbury Democrat., 1939-06-03

Edward did a good job. But he took his work lightly, and the Em- pire took him lightly. Those were not the grim, harassed times of to- day.
 Today 1t is 8 serious-minded young brother of Edward who is embarked on the first part of an Empire tour far more historic, far more necessary than any of the gay pilgrimages of the former Prince of Wales.
 Probably the American public does not realize it, probably even the British public realizes it only vaguely, but today the British em- pire has reached a crucial point in its history, and 1t is to woo the Deminions, far more than to woo the United States, that George VI is now embarked on the most difficult mission of his life.
 DIAGNOSING BRITAIN
 Two things have happened to the British empire, all of them contributing to the present his- tory-making pilgrimage of the King and Queen:
 I. The United Kingdom, once a reservoir of wealth and source of strength to the Dominions, has lost much of that strength. She has less to offer the Dominions.
 For years, the Dominions en- joyed the police protection of the British fleet. absolutely free. They contributed 8 mere handful of patrol boats or cruisers. The back bone of the fleet was paid out of over-taxed English pockets.
 This remains true today, but how much longer it can remain true is doubtful. Today the United Kingdom, though not broke, is counting her shillings like down. at-the-heel relative looking for home with one of her children.
 Today, British coal mines are deeper and more expensive; Bri- tish textiles are losing out to the cheap labor of Italy and Japan; British steel is being undermined by steel mMIs which British capital has built in other coun- tries. British unemployment is on the increase. British indus dustry Is kept going chiefly with rearmament orders, and the real fact is that the United King dom is living on her own capital off her own fat.
 In other words. the time has come when she will have to look more and more to her children, if the old Empire is to hang to- gether.
 GOVERNMENT BY BANKERS
 2. The government of Great Britain today has become gov- ernment by a financial oligarchy, an oligarchy which has all but cut the Empires throat.
 The days of government by the Balfours and the fine old gentry are finished in England. Today 1t is the Bank of England, the Beaverbr0ok- -Astor newspa- per groups, the ChamberIains and the Birmingham group which rules England.
 And their investments abroad frequently run counter to British foreign policy. That may explain, in part appeasement. It also ex- plains Dominion distrust of the mother country. Finally 1t ex- plains the mounting sunemploy- ment in England.
 British pounds invested abroad help put English workers on the dole.
 For instance, Sir Auck- land Geddes heads the Rio Tinto mines in Spain, threw powerful support to Franco In order to pro- tect British investment. despite the fact that Franco's victory jeopardized the safety of oibral- tar and the guardian gate to the Mediterranean.
 BRITONs IN ITALY
 Again. the Italian rayon trust, nia-Viscosa, which has helped to grow Rrass in the streets between Laneashire's once prosperous tex- tile mills. is controlled largely by British capital. with three pri- tishers on tho board of directors. One of them, John Efanbury WiI- llansss is also . director Of the Bank Of England.