Inquiry in various branches of trade in China recently has revealed the fear that, by reason of cheaper prices, Germany might find it a simple matter to resume her old commercial position. It was known, for instance, many months ago, that Germans were in the interior offering the immediate delivery of electric machinery, and there is evidence that they have succeeded in securing one or two contracts. But their general prospects do not seem particularly easy, and, if we are to believe a report by Lloyd's Bank, usually a well informed source, the Germans are no better off than other countries where' trade difficulties are concern= ed. When the mark stood at about 130, this report points out, German goods on an average were too dear for the greater part of the world, and although the mark has since depreciated to something like 250 and exports have consequently been stimulated, this is merely a temporary phase, as manufacturers. have now an increased difficulty in paying for the raw material which they must import. At the same time labour troubles are looming ahead. Income tax is deducted from the pay of the workmen, and they are now agitating for increased wages in compensation. It looks very much as if the old bogey of German super-efficiency had been set abroad to scare the rest of the world, but in the light of these facts it will not hold good. Admit their efficiency certainly and their danger as competitors, but do not let them bluff us into a belief of their invincibility. The war knocked that theory on the head.
Belgium's New Territory M. Eh. Féguenne, Acting Consui-General for Belgium, kindly informs us that, according to the stipulations of the Versailles Treaty, the circles of Eupen and Malmédy came under Belgian sovereignty from the date on which the Treaty came into force—January 10, 1920. This transfer was suspended for a. period of six months, owing to the condition giving the inhabitants the right to decide whether all or part of these circles should be maintained under German sovcreignty, Belgium undertaking to submit to the League of Nations the result of this popular vote and pledging herself to accept its decision. In spite of the German Government's efforts to modify: the terms of this referendum, its propaganda, accusations against the Belgian Government, and the direct pressure brought to bear upon the inhabitants of Eupen and Malmédy, the futility of these efforts may be judged from the fact, that in the circle of Eupen the proportion of partisans of German administration was ight per thousand, and in the circle" of Malmédy only one-sixth per thousand. As a result, the Belgian Government at once approached the League of Nations, asking for the definite transfer to Belgian sovereignty of these territories, which for centuries had been Belgian and had_been arbitrarily handed over to Prussia in 1815. Following upon the report of the referendum, the Executive Council of the League of Nations decided upon the transfer of Eupen and Malmedy to Belgium, unanimously and without any restriction.
Text read from the printed page and cleaned; old type leaves the occasional error.