Show NEWS BEHIN beiji tami THE B by y PAUL ION y released r te leased by western newspaper union LOAN TO BRITAIN WOULD PROMOTE SOCIALISM washington the senate debate on the proposed loan to britain has conspicuously ducked the fact that the british government is lavishly buying its way into socialism some of the senate newsmen who are the senai senators ors severest critics attribute the void to the broad lack of knowledge among politicos of financial matters they should charge it it instead to the masking operations erat crat ions of the attlee government not even the most learned financial authorities of the empire can ascertain how the attlee treasury has taken over the bank of england and the mines or how it is proceeding n g now to take the cable and wireless ire compa companies nies railroads steel and whatnot the operations have been covered with secrecy and confusion worthy of an eisenhower Elsen hower invasion of europe in which false moves and rumors were used to conceal the real intent from the enemy yet sufficient general evidence is available in the government bills proposed in parliament to piece together a general outline of the th e scheme each industry is being seized in a slightly different way the government has steadfastly refused to announce a general policy but the actions taken so tar far warrant these following conclusions the government is buying its nation with debt it is purchasing industries dus tries by offering government stock or securities to private owners tor for their private stock and securities curi curit ties les the price paid Is rarely divulged but seems generally to be the current market value or better GOOD PRICES OFFERED the london times analyzed the processes so tar far in an effort to offer some worthwhile advice to holders of railroad securities who may be next and reached this conclusion whatever method of nationalization aliza tion Is adopted railroad stocks should be retained in short t the times concludes the govern government me will offer at least the current cu rent t market value or better for the ra railroads roa only in the taking for t the e bank ank of england did the government tell what it was really offering then it gave a 3 per cent government bond for stock but guaranteed dividends until equal to what the bank had paid in the past 20 years in the seizure of the coal industry alone did the treasury permit free sale of its substitute stoc there Is a big debt in coal an ani operations have not been profit able so the general sion Is inescapable that the socialism ciali sni of britain represents the government issuing stock to the same people who held the private stock at market prices often promising them the same dividends and in effect guaranteeing them against losses while depriving them of influence in operations or the right to sell their stock this is an expensive operation in effect it transfers the debts of industry from private ownership to the people as a whole making tha treasury liable for success of the enterprises atop all the war debts how will it work out not a man alive can guess offhand you might reasonably conclude that if the industrial du operations continue profitable the government may pay off in 20 to 25 years as contemplated if business becomes unprofitable the people in their taxes will have to toot foot the bill as well as the american taxpayers who are furnishing this proposed loan furthermore ther more it may be difficult tor for a labor government to promote profitable operations because such a government e must be amena amenable ble politically to wage increases and increased operating costs for public service manipulation rOS POSSIBLE SIBL E but these simplest truths may not stand the test of time because government can do anything As it has let money rot it can allow its special securities for each of these industries in years ahead to find levels less burdensome upon the treasury only imaginations unlimited can possibly conjure the limitless possibilities mr attlies Att lees arrangers are keeping things that way in the cables and wireless bill there Is no clear indication of prices to be paid tor for the involved holding company stocks apparently price is to be established by private bargaining between the treasury and holders of the stock yet these astonishing and perplexing developments in socialism have caused remarkable little interest among the pahleg matte matic british the public likes to lo look at the surface of things indeed has no opportunity to do otherwise in this instance and on the surface fair air f exchange seems to be no robbery what difference does docs it make it if the stockholders get a government security of the same value and interest rate for their private stock so say the tha british of all classes |