The midland journal. (Rising Sun, Md.) 1885-1947, 1944-12-01

AO1HlcI AttOIHcy GENERAL homer
Cummings assistant AGs.
There are certain other points
worth noting.
On the Foreign Relations Com
mittee whence must come approval
for international commitments, Sem
ator Reynolds and Senator Bennett
Clark and Nye are removed.
In any case, however, the removal
Of Senator Nye, who was chairman
Of the powerful committee on COM
mittees, means that such new ap-
pointments as are made will not be
influenced by the North Dakotan's
extreme views.
Other factors make for support of
the administration. The election has
greatly strengthened the prestige of
Senator Ball of Minnesota who was
most active in the fight to get the
original resolution favoring an inter-
national peace organization before
the congress and the people. SINH
lar increased influence in the senate
will be exerted by former Repre-
sentative Fulbright who fathered
like resolution in the house.
A look at the Republican leader
ship in the upper house is worth
while in this connection, too.
COP Minority
Promises Moderation
At present a quartet of leaders
with Senator White as their nomi-
nal head are at the helm. Of these
Senator Taft, although usually rated
as strongly nationalist, is after all
on record as favoring the old League
of Nations in principle, criticizing
only the fact that its members failed
to carry out their promises. An
other Of large influence, Senator
Vandenberg, has done great deal
to interpret the trend of popular
sentiment in the middlewest away
from rigid nationalist viewpoint.
He worked to that end in the Mack
mac conference, and at the Repub-
lican convention last summer. He
did yeoman's service in cooperation
with Secretary of State Hull in OBJ
tanning senate support for UNRAh.
Without the help of these Repub-
licans and their colleagues, and of
course Senator Austin and Senator
White, the administration could
hardly get a two-t thirds vote. This
more conservative element will also
furnish valuable check against eff
forts toward extreme International
ism on the part Of the administra-
ton which might turn the people
against the administration and thus
defeat its own purpose.
Perhaps the task of checking ag-
gression is too great for human
hands and human minds to achieve.
But never before in our history has
America had such an opportunity to
lead the world toward the goal Of
goodwill and peace among nations.
in all the various discussions con-
corning the restoration of sound cur
rency conditions in the postwar pc
riod, the British balance Of pay
ments appears as one Of the chief
stumbling blocks, the Alexander
Hamilton institute points out. AS
a result Of the war, the balance Of
payments Of Great Britain has wit
messed material deterioration.
The foreign trade Of the coun-
try has shown a large excess Of i'm
ports over exports which, before the
institution Of lend-lease, was met
primarily through the shipment Of
gold and the liquidation Of British
owned foreign assets. II Is estimated
that, during the war, Great Britain
has lost approximately 1000, 000, 600
Of some Of the best foreign assets
held by British nationals.
The loss Of income from these for
eignl investments has naturally had
an adverse effect on Great Britain's
balance Of payments and, unless il
Is counteracted In other ways, it
win reduce her ability to buy mer-
chandise abroad. In normal times,
Great Britain received about $780,
600, 900 from her foreign invest
ments. An additional $400, Zoo, 900 per
annum was received from British
shipping. Substantial sums were
also earned each year by British in
surance companies operating all
over the world and by the financial
operations Of the city Of London.
Since the poorer foreign invest
ments remain in British hands, 1t il
difficult to determine with any de-
gree of accuracy what the returns
on these investments will be in the
postwar period.