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Show CAN EUROPE HOLD TOGETHER? (Thla aariaa af artialaa la a aimpla but aacurala aplanalian af world aondittona. fram tha aamt of viow af a diotinguiahad apoataliat. Tha atfthor la an aconamiat wha haa boon an Invoatmant banhor aa wall aa a univaraity faeully mambar. Thaaa artialaa ara tha raault af hia moat rocont tour of Curopa.. mado aapacially for aocurlna tho data a trip an which ho vioitod aiataon countrioa. tolkod wtth tho promioro of half of thorn and tha finanoa mlniotora of twolvo. and in fiolcf obaor-vationa obaor-vationa aoourod a maoa of facta. Mr. maiair aaya fmanca and aca-nomica aca-nomica aan bo told aa pimply a child can araaa tham. Hla artialaa pravo hia olaim. IC'opyrihI, lL'J. In fnltrd Rlalra and (Irrat Hrltaln. by Norlh Amorl-can Amorl-can Nawapapar Alllanca. All righia roaorrrd.) By JOHN F. SINCLAIR up It.Oan mllllona nf riollara or nrhta outalna of Kranca whk'h muat uoti.r nr later ba paid. Thla fur-Ian debt la equal in 19 par rant pf tho total. It la rnurh harder to tak rara uf thla If prr rent than of Ih- al per rent whlrh he owea lo her own people. He. reuae the, foreign dent muat be paid In either pnld or goodi ilnvtalble rxporla tnrludedt. e'ranre rannot pay In cold, tor If oho Bent all her polrt aha rould pay only II rente on earh dollar owing outaide of her rountry. At the aeme time (hla procedure, would? completely de-moraliae de-moraliae her Interne! currency. Then tf ahe cannot Bend gold, aha muat fall hark on aendina soodB enough to equare the account. To Say her foreign debt In fifty yrara 'ranee wouli bo required to aall ?0 million dollaro more gooao a year than aha buye. Only by mar. moualy Inrreealng her production and draatlrally curtailing her con-eumptlon con-eumptlon can aha do thla How difficult dif-ficult thla really la can beat be Tinder Tin-der tood when wo know that in no year during tho poet twenty-five yeura haa Kranco evor aold aa much (rpwtlnuod nPA;aJ2 , waa inveeted In the Tlelkan atatea and Turkey. Panca haa loet per-hapa per-hapa l& per rent of her Itivealmenta aa a reault of tha war. Hrr other Invialbla oiporle yielded her nothing noth-ing from Itlt to Oil. To add 10 her troubles. Krance haa bought during the paat ten yearB an average aver-age o? ltod atUUOne of dnllara mora goode oa tha world market each year than aha haa aold. At the aama tlmo aha haa had little or nw Invialbla exporta to help her aquare Tha population of Franc has decreased de-creased by rooo.oo stnes 111.. Her national annual Income per capita has decreased from .Kl in lW to nt ovr $) today. Her natlntal debt has Increased per capita from ll In IMS to $ltH In !-' Tor tvery dollar tha 'government af K ranee paid In tntereat charges In I 111, aha must now pay $11, white for every dollar of national tacoma aha had In lll to pay with, she now haa oily HI cents To add to thla problem, aha I aelllna; , taB-ampt int.rnlWnl bond Tlv Issuing Iheaa tax -ei . eijipt bonds what la really happening happen-ing Is this. Tha surplus pro Tits of th lara;e Industrial group are snore ar.d mtir aettlng under cor and evading future latea oa their wealth, while iha taipartng rlaaaea of Kraice middle claaa people and laborers who live by their work and aoi by their I arret mania face raavlar and heavier las burdens-Taaea burdens-Taaea are being shifted mora and mora from tha rlh lo tha poor. Taxes to be Just should b baaed on ability to pav. (nlv In thla way can a nation grow atrong- Hut lha policy of Kranre Is Juat tha revere. re-vere. Kven before tha war th large financial and Industrial groups who, through Holncar, control con-trol th politics of France, have al-vaya al-vaya followed a policy of indirect taxation. Only the Indirect taxes which can ba shifted are popular with tha controlling element. Whan wa realise that Franca muat hav tea times aa much In taxea today as In 11 S and that tha present policy pol-icy of Francs tends mora and mora to relieve those of large wealth by aelllng to them tax-exempt bonds, wa can underatand that tha present policy caa lead only lo national dia-aatar. dia-aatar. We can conclude, therefore, that tha Kreiah public finances ara In a meas and th print policy. If continued con-tinued for long, will only lead ta bankruptcy ana repudiation by tha govert.raent ltalf or revolution by th maaeea. He for th war Franc bought earh year f 200.ooo.fios mora goods ihaa aha aold. Here la th way sn paid thla account. in 1014 ahe had Invested nutalda of Franc 111,000 000.000". The tntereat tn-tereat oa this sum waa I3n0.oo0.0u0 a year; Again tourists who want to France each year left about I I SO. 000. 00. Then her ahtps doing a world business gavg her another tt0 000,000 each year. Now these Items. which the ecanomlet cade "invialbla export. totaled ?00.-000. ?00.-000. Otto a vear '.'b llmea tha amount needed yearly to eg u are th ac-couat. ac-couat. The problem, you a a, was aay and aimpla. Now let ua aea what tha war did to thla sltuat Ion. of the ROftO millions of dollars which France haa "Invested" outside, out-side, 0000 mllllona waa In Ftusala. This la how practically all lost, Uf tha balance 1000 million of dollara raa provida rhaap roal an4 rhaar cvh. Hha haa aradv round Kr arat Iron anl alrl litdualrlra aarU oualv hamMrtri fr lark of l.nth coal and roka. Thla tr haa bn t onilng; tu a had at ar atn-a t ha rlnaa of tha war. aha knawa that nar on MlviMun from ba ikniptcv and debt repudiation tiaa In aurplna product Inn. Hit at.a anuat hava mora coka and coal for liar vwa prlra. Whr ran aha gat tt ao lhat aha may bexom woauma I Iv Indapandrnt Hv thla tlma you wHI hava aticead whara thaaa thing ao nara.ary for hr ara local 4 lint k ara found in tiormnui tuaniltta in tha Huhr Germany produrad Itn million tona of coal In ift?l and i4 railUona of tt mm from the Ituhr. Ho In Jannary. ItJI. Franca an-tara.1 an-tara.1 tha ttuhr, not lu maka Uar man pay reparations, but flrat and foramoat to aet cheap roka a id cheap roal to aaalat her In Increaa. Ing her production and tf, be well auppllad In tha futura atmggta for bread that la auraly and awiftly aptroarhitic In a w ord. Frlinra, una almoa ahla to fead haraelf from her own production and driven a) moat to madneaa bv her rina-tctal difricul-tlaa. difricul-tlaa. haa definitely raat her elght, Into lha acala pan af civilisation on tha a-de of huslneaa nationalism, halanra of powar alllancea and ft- . nanrial and economic Imperialism i Mha haa coma to tha conclusion that i her (ultire walfara Ilea mora aal ri.ora alons; that line, backed up b 1 suck mtll-arr strangth aa la aacaa-1 aar v to get results It la only a little atep front thla position to that of tha military and economic dictator of Ktirop. This la lha story of franca to- I day aa I raad lha figurea. CAN EUROPE HOLD (Continued from fia 4 aa aha haa oought. That i tha raal raaaoa why aha haa not baan foralgn debts to alther tha L'nlitd tataa or Great Britain. But thara la anothar anag In tha way. Northern Ftaaea muat ba rebuilt re-built aad It will lake about SO.OOO millions of dnliara to do It. Praace has at ax tad tha work and has accomplished ac-complished remarkable results But It haa onlv aaaravated her baffling finance problem. Her overheads, are mounting hiaher. Her public debt Interest, penalona and reparation repara-tion ex pa nee a now abeorb 7 rente out of etery dollar rataed In Prance for the government And the government gov-ernment la raising hy taiea oniy at per cant of what she apenda Franco hnona that her flnaflrlal aalvaj ion Ilea In mora production and leaa consumption. But It is one thing to have great production capacity and quite another to gat ordera enough to run lot capacity. That Franca la now finding out. Tha anntral preaent capacity ef France In pig Iron la eatlmated at f.;. -000 tons and In ateel .00.00 tone In 1011 the fatal output reached i par rait of the pi Iron rapacity aad II par cent of the ateel. Why so email a production? Lower purchasing pur-chasing power In Kuropa. the Blowing Blow-ing d-wn af production, more trade restrictions such aa tariffs, visa, etc., and in France not enouah coal and coka to aupply tha evens and f urnacea Well, what about coal and coke In 1011 Franca coneumed U million mil-lion e of tons of coal. Hha produced pro-duced 4t millions and Imported 10 millions additional. To.lav aha la Importing about tha earn amount as formerly, hut prlcea have doubled dou-bled and higher prlcea fur coal mean higher and htaher manufacturing coate for France. Before the war France needed t million tone of coka annually, Hha rrcMiiicert only 3ft million tuna and m ported about aa much again, moetly from Oermany In It: J France produced 1. 000,000 tons and Imported over five tlmea tha' amount. Prices have likewise doubled dou-bled during tha past year on this 'art tela., flhe now haa Iron and steal. In tt i hey a re value, hie, on' v as she |