SIGNOR NITTI ON PROTECTION

Auckland Star, Volume LIV, Issue 73, 26 March 1923, Page 13

SIGNOR NITTI ON PROTECTION

AM erica must not linger I LONG. ] iMrORTAVCK OKKI-KOPE TO l>. ( By Our imperial (.orrespondent.) I.ONDOX. January 12. si<uior Nitii ni the further articles— oi \vbich WO I..UC indicted! the gist of ~c first three- .outmiles his -U-ry ot tlie -Uecudcn.-.- of Kurope." Re attributes Mime of it to n wrong fiii.ll policy- All exaggerated system of Sltection. he s ays. i> keeping costly Undertakings on their feet and prev-eiU- ,„ n sane industries from working with ill their strength. There is a crisis due ,„ over-production on one hand, and a crisis duo to under-production on the uther; and tIuMV j> a tremendotig lack of equilibrium in economic life as a whole. And on reparations lie is very downr j.-ltt. He terms them the curse of the life of Kuropc. saying they are now only „ pretext for holding Germany in subjection, for slaying her politically, for ruining her economically, and declares they have disorganised all international romrocrcc. Milieu tJerniany no longer ), a s any transferable wealth, if she. really had to pay the reparations she would have to raise her production to ii maximum and lo produce poods at so low a price as to heat competitors. Hypothetically. this could bo brought about in iwo'ways either by reducing the standard of life nf the Cerinnn worker.-, to »uch a level that they would j he merely the white slaves of the vie-i tors receiving only just enough re-! numeration to keep them alive, or by developing technical apparatus on a prodigious scale. However, it might be obtained, the results would mean only the destruction of the industries of the victorious States, unless any of them could live on their own resources, by establishing a self-supporting system, and therefore withdrawing front competition. The commencement of payments hy Germany has aggravated the industrial situation of Kurope. Similar phenomena would be produced if Great Britain and America (especially the latterl were to demand the immediate repayment of their loans or even the interest on them. He summarise.. the part taken by America, and takes the view- that Wilson, right in his tirst steps, vacillated and was misinformed later at the loner drawn-out ( onforenec. His view of America, now. is that since public- opinion in America is not sufficiently enlightened on European affairs, none of the great political parties which arc now contending with each other dares to show any interest in the solution of the problem. None the less. the Americans are quite agreed in asserting that the Entente countries must pay their debts; there is no great difference of opinion on this point. It is a just attitude to adopt, says Signor Xitti. If France maintains the largest army in the world, and develops submarines, aeroplanes, poison-gas. and other insidious weapons of war and devastation to an alarming degree, why is she not to pay her debts to America? AVhy must America contribute, by indirect saeritiecs. to the policy of death which is now destroying the life of civilisation throughout Kurope? he asks. All the same, he says America must not act too slowly. This, he declares. is in America's own interests, aud in his view- Europe has been and. notwithstanding its disorder, still remains the world's greatest market. The penetration of the Pacific is but a small thing compared with Etirope. All the trade of Asia, will perhaps be for centuries only a small part of the world's lrade. The whole of Asia and of South America are not so important to the export trade of the United States as is Oreat Britain alone. China. Tndia, and the Dutch Kast Indies do not import so many things from America as does Ttaly alone. The restoration of the German market to normal conditions is. for the United States, more vital than the development of the greatest amount of commercial penetration in the whole of Asia. The whole of Africa requires fewer American productions than Holland, and the whole of Australia less than Norway and Denmark. The prolongation of the present situation not only ensures the continuance of the present distress and increases the prevalent hatred, but makes reconstruction more difficult. Yet. in her own interests. America must not act too slowly unless she wants to see the complete ruin of Germany, and as a consequence, the complete collapse of the economy of Europe.