BRITAIN TO-DAY

Evening Post, Volume CXIII, Issue 10, 13 January 1932, Page 9

BRITAIN TO-DAY

AS EUROPE SEES HER

STERLING'S STRENGTH

(By Arthur Davies.) ; • Now that the excitements of the British General-Election-are over,-the attention of the more intelligent people'! in .Great Britain is turning to the reactions which the happenings of the last, few months -there are having, and will have, abroad. The world, is commercially ana industrially a unit, and therefbio British prosperity, depends ultimately not merely, or even, - may •: one whisper, plainly upon, the straightening 'out of its own affairs, however essential* that may be, but also upon a-world welfare policy to which all nations must contribute. ■ . :.■"-" .'■ "'. '■ Attention may first be drawn to two recent articles in the. foreign Press. Signor Mussolini has just written an article in '' Les Annales, '' published in i Paris, to express, his belief that sterling is much-better able to defend, itself "than many other things in this topsyturvy universe," for "British finances j are guaranteed by almost unlimited resources," and adds that "confidence m British strength and financial integrity all over the world will militate in Britain's favour." This is a very cheering opinion to record about the present and immediately future position. Another writer, Baron Franekensteiu, Austrian Minister in London, is perhaps f:ven moro complimentary, for in the "Ncuo Freio Presse" he ascribes the difficulties under which she is labouring at the present moment to her "courageous and public-spirited financial policy." HER PART. Great Britain has managed "not only to pay her. creditors in full.' but also to play a leading part In the reconstruction of the impoverished countries of Europe." "The economic blizzard," ho adds, "has caused a halt in this forward policy, but only temporarily," and he looks forward to an international conference "when Great Britain could -take : a. lead in bringing about an adjustment of tariffs, and thusi making possible an expansion of world trade." This, of course, is League of Nations policy, for the experts of its Conferences and Committees have long been urging the need of the lowering of the tariff walls which have played such havoc in international economic relations. For the moment, the initiative

is with France and tho U.S.A., ana the most significant item of news these days was the visit of M. Laval, tho French Premier, to Miv Hoover at Washington. No one can say exactly what was the outcome of their discussions; but it is so obviously right that a worlc1. consultation, whether under League of Nations auspices or not, should take place to straighten out the currency conflict, .to eliminate or at least largely reduce tariffs and wardebts, that some action in this direction seems inevitable.