The Stratford Evening Post WITH WHICH IS INCORPORATED THE EGMONT SETTLER. SATURDAY, SEPT. 1, 1923. A SERIOUS SITUATION.

Stratford Evening Post, Volume XXXIX, Issue 100, 1 September 1923, Page 4

The Stratford Evening Post WITH WHICH IS INCORPORATED THE EGMONT SETTLER. SATURDAY, SEPT. 1, 1923. A SERIOUS SITUATION.

Tho manifold and far-roaching effects of the Groat War are strikingly exemplified In tho special Bradford article published ’in the "Paiijr Bspjpw,;' a dig9*t

of which was received by cablegram the other day. That, after five years of peace, it can be said that Bradford is in a state comparable for practical trade purposes to the devastated areas of France shows the need there is for measures which will bring about real peace and enable the world to regain its equilibrium. Addressing in London the annual meeting of the Association of Trade Protection Societies, of which he is president, Sir Eric Geddes recently discussed the European situation in relation to trade. He said the improvement in • the trade of Britain had been retarded during-the first quarter ,of I this year, and suggested that the reason for this was to be found in the advance by the French into the Ruhr Valley and the unsettled state of Europe. The situation in the ! Ruhr would have a damaging effect on the purchasing power of the three countries concerned, Germany, France, and Belgium, and its result would have ultimately a damaging effect, on all the markets of the (world. As a result of the currency [depreciation it was found that such purchasing power as existed in

certain countries was being expended in trade relations with another country with a depreciated currency. For instance, goods which this I country used to supply to Italy, ( Holland, and other countries were (now being supplied by Germany. The German workman to-day on a depreciated currency could produce an article at a lower ■ labour cost than could the British worker. A comparison of the labour cost of specific articles in various countries showed the ratio to be Germany 2, France 4, and Great Britain 6. and this was not duo to the increased efficiency of the German or French workers. The British comparative efficiency was high, otherwise the discrepancy could be much greater. only, therefore, was it impossible for European countries with their depreciated currency to buy as much as they used to, but they were actually induced to buy from each other, to our detriment. The mere fact that there was no settlement in Europe was costing ( Britian enormous sums, although we t were not taking an active part in I the operations of the IJuhr. Our

■ trade with Europe was dwindling, ' and was bound to dwindle more, If once we could get stabilisation, even at the present rate of exchange, raw material would be bought on a stabilised rate. Having regard to the fact that Britain was bearing the interest on the loans made to our Allies during the war, and to the fact that the present improvident and unsettled condition of Europe was directly causing unemployment in Britain, he asked; “Are we justified now, or indefinitely, in continuing in the role of a benevolent but more or less disinterested and disassociated onlooker in the action of our friends?" Germany should pay, what she could pay, and reasonably pay, and he appealed for a round-table talk with Germany on the question of reparations. It was no good holding a pistol to her head. We ought to talk that way to France. “France and Belgium are in the Ruhr," he said. “We seem to be nobody; we do not seem to be worthy of consultation, which w r as not the case in 1914, 1915, and 1916. Meantime our unemployment is going on. We have a right to talk directly to France as a partner in a business."'