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PAGE FOUR 1 5Lr. 1vak'nitA J.a4LitL £SUNDAY, JANUARY 6, 1924
The European Boiling Pot
Post-War Impressions
Naples, Italy, THOMAS J. KOYKKA there will come a time of desperate
December 4, 1923 want.
Europe today is a world in the re- has taken every parliamentary step September, 1922. Similar gains are In Germany the social situation is
making. It is seething with hatred possible to insure the stability of the noted in the returns from month to most critical-while conditions In
and discontent, and many believe, p tokmonth. Imports, at the same time, Central Europe and France are little
headed for a new war. Meanwhile s erligas t A ein dla mainly in raw materials, are on the better. Such conditions as these may
it s xpeimntng it fomsofsame level as the American dollar. ;nrae only make new war more probable.
it is experimenting with forms of In this she has succeeded, if that wasincrease.
government entirely new, and through; her aim, for the English pound has
this may yet bring about its own sal- sA generation of young men-11,000,-
vation. kept its pre-war prestige on the mon- The vast stretches of war devastat- 000 it -is said, were sacrificed during
ey markets of the vorld. A. a result, et territory in both France and Bel- four years of fighting, that the world
Nevertheless, to all external p- foreign political leaders contend, Brit- gium has greatly retarded production might be freed from a military yoke -
pearances, Europe lives an carries ish factories are unable to compete in both countries, though the latter yet observers point out that Europe
on its commerce and business much with continental industries, which dob natio ea eu huts and lost 0 tdta re
as it did in the (ays before war cloud to favoring rates of exchange, are believable strides in reconstruction-- than it was in es1914. Europe bristles
gathered. If it is on the verge of able to undersell the British manufac- having far out-distanced the French for combat, and recent incidents, such
financial ruin and social disaster,it' turer,tand thus deprive him of his in this matter. Especially in Belgium,! 's the "Curi affair" tend to show that
at least is not tottering on the brink market.uafartedtosowta
h s w m y markre-construction work has given great nations still must exact "justice" at
of that chasm into which many have French inustry and commerce is impeois to all allied industries. This the point of the sword
consigned it, but rather, is slowly but fast regaining its former vigor as is temporary prosperity has been paid France is carrying a tremendous
surelyasnes trensahandindicated by the ever increasing ex- out of the States' treasury pend- military nachine, which she consider-
little restraint and industries ar port figures of that nation. In Sep- ing delivery of complete reparations necessary for her protection, though
tember, French exports to the United payment by Germany. Many are of it is draining her treasury.
pushed to regain their pre-war speed. States, totalled $0,000,000, as com- the opinion howver, that when this
Even in Germany, but littles o the artwhy total ,0,ac i e-corutiowvrkh sme , ICone thirtieti the size of the
distrcss and suffering that is really' stared wviths a tiotal of $ 36.,000,00 in re-coitstructions work is comoplcte', tl(Conitinuie(] on Page Sx)
there, shows through at first glance.
Cafes and theatres are thronged,-
restaurants serve none but the best,-
the natives are well clothed and spend
freely. For this there is good reason.
The German must spend as fast as
lie earns, lest tomorrow's swelling ex-
change swallow up the profit of to-
day's labor.
But beneath this apparent gaiety-
where the shadow of war is long since
forgotten-there is untold suffering,
which has come chiefly through the
collapse of the mark. Whether this
fall of the currency was engineered
or not, as many claim, probably can
never be determined,-but in any
case it remains the most colossal
swindle the world has known since
John Law's bubble burst in 1720. With
it has come a complete and chaotic:
re-distribution of the country's wealth
--the poor growing poorer and the
rich ever richer. Millionaires, hold-'
ing their money in gold marks, were
never richer than they are today.
Manufacturers and land owning
classes have benefited most by this
fall in currency and consequent shift.
in wealth for mortgages and debts
have all been automatically wiped out.
Physical property, which can never
change greatly in price, meanwhile,
has retained its value, and the real;
wcealth of Germany thus remains what
it was before the war. Now it is con-
centrated in a smaller group.
Many great industrialists have add-
ed to their capital by making addi-
tions and improvements to their
plants. They are not alone in this,
however, for the government has also
expended great amounts on new con-
structIon, Railroads are being in-;
proved--and ships are building in all
the great yards of Germany.
Banks, having peculiar facilities,
for dealing in foreign exchange, like-
wise have been reaping great har-
vests. The usual rate of interest paid
on deposits is 18 per cent while five
per cent per day, representing an in-
terest of 1800 per cent a year, is ,col-
lected on loans.
On the other hand, nations allied
with Germany in the war, have fast;
regained their monetary stability-
though rates of exchange are still sev-I
eral thousand fold greater than in
pre-war days. Hungarian and Aus-
trian moneys for months have shown
little fluctuation-tending to show
that a certain financial stability has;
been established. The new republic
of Czecho-Slovakia is probably more
firmly established financially than any
of the other one time warring nations.
England has long faced a serious
problem of unemployment, which
many foreign leaders ascribe to the
fact that Great Britain, since the war,
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