BRITAIN AND FRANCE COMPARED

Evening Post, Volume CV, Issue 23, 27 January 1923, Page 12

BRITAIN AND FRANCE COMPARED

IS THE BALANCE EQUAL?

An interesting !■ comparison of the wealth of Great Britain and Fra»ce was given by the Marquis Louis ChasseloupLoubat, a. distinguished French engineer, in an address to the members of the Manchester and District Association of the Institute of Civil Engineers, in the Engineering School'of the ' Manchester University last month, on the reconstruction of the mining and metallurgical districts of Northern France, reports the "Manchester, Guardian."

On the financial', consequences of the war upon the two', countries, he said, many .mistakes and misunderstandings had arisen in both of them. Too many Frenchmen thought that because Great Britain had not been invaded the nation had suffered little from the war. In France very exaggerated ideas -were held of the wealth of Great Britain. In reality the ratio of that wealth, as compared with the wealth of France, was about five to three. On the other hand, too many of the British people thought that although France suffered more during the war she, was suffering 1 much less now. Neither knew nor understood the position of the other.

His own estimate was that in 1913 the total wealth of the productive sources of France was about £9000 millions. The damage sutajned by devastation and loss of trade and revenue amounted to about £2000 millions, and the losses in-foreign investments and : by\ other-causes ito £1000 millions, leaving the.-.total 1 estimated French post-war wealth, in gold, at £6000 millions. Represented in gold, tha taxes paid by the French people, in 1921 amounted >to 400 t0.500 millions:, which, at 6 per - cent. - interest, corresponded to the total post-war wealth of £6000 millions. ' The French people, therefore, were trying to pay a sum in taxes corresponding to their post-war wealth. Practically all 'their capital was mortgaged.

The pre-war wealth of Great Britain he.estimated at £13,000 millions and its post-war wealth at £12,000 millions. The taxes paid by the people—which .he thought far too much—were from £800 to £1000 millions. This sum, also, at 6 per cent, interest, corresponded to " the post-war wealth of £12,000 millions. Great Britain, therefore, like 'France, was no longer a capitalistic nation. It was only by increasing our production and working very hard indeed that we could hope to pull through. It was an appalling situation- for fopth countries thus to find themselves taxed and mortgaged up to the hilt. With a,debt of about £8000 millions, which amounted to two-thirds of our total estimated wealth, there was only .a small 1 margin of safety. ':

These figures,- he concluded, showed how necessary it was for both nations to abandon all wild-cat schemes of adventure abroad, to cut down expenses to the utmost limit, and come \o a close and strong understanding in order to keep the peace of Europe and lay down tho foundations of reconstruction.