Complete retirement of the gigantic public debt of this country is, s0 Ise to-day, to take place within the next 25 years. Federal fiscal affairs have reached the stage where the treasury has been warranted in mapping oat a programme contemplating the wiping out of the entire debt, now about 213 billions, in the next quarter of a 'The Investment Bankers' Association were in conference at Cleveland, Ohio, a day or two ago, and Mr. Dewey, the Assistant Secretary of the Treasury, told the bankers that this achievement would need the ce-operation of all, and that any effort to interfere with the present wide market for Government secu ties would upset the plan, the bankers being urged to aid in combatting any movement that would result "in the trading of by their' holders of the Government. securi-) ties." The United States Government has been paying approximately 8 billion dollars annually—almost, '4 quarter of its entire expenditure!
interest on its public debt. Mr, Dewey is reported to have said that inasmuch as about eight. billion dollars in Government securities mature within the next four years, practically 75 per cent. of. which will have to be refunded, the Treasury will continue to be involved for some years in the later phases of wartime financing.
President Coolidge sent a special message to the bankers in session, and declared that the soundness of the American money system isan outstanding factor in the growing power of American finance, Industrial China My copy of the "Herald" of Aug. 16 (I think that is the date) has ibeon handed round <0 several people who are interested in the industrial problems of China, for that issue contained your two admirable editorial articles on the recent Com mission which surveyed labour conditions in Shanghai, laudable! work undertaken by the' Municipal Council. All people interested in Asia are under a debt of obligation to the Shanghai Council, whether any improvement in the general conditions result or not. But the fact that the Commission sat and, while encountering such difficulties, came {o certain conclusions is a proof of the genuine desire on the part of the Council to improve the conditions of the workers who are helping to make Shanghai what the y|"North-China" called it some time back, the "wonder city of Asia."
The present condition of China is a reply to all critics, however, as to whether China generally, through its supposed government at Peking, could enforce factory laws such as. regulate Inbour in this and European countries, There can be no doubt that Asia is now at the beginning of a great industrial revolution, and there are' many in America who feel that the: quicker we can get worldwide standards the better for the peace of the world.
And so it will be, but certain modifications will have 40 be allow-led in relation to China particularly, fand India and Japan to some extent. Those Americans interested in the question see that an industrial revolution such as transformed England from a rural to a manufacturing nation—from, say, 1760 {to 1832—is taking place in China, Jand. they regard it as a great! invasion which must be prepared [for with the same system as obtains in Great Britain or America in this present year of grace. Asia has, Thelieve, something like 570 millions Jof workers who come under the Fhead of "'cheap labour," twice the: number of Europe and America Jeombined. At present, as most [your readers will know, these are employed principally in agriculture land home industries, but the whole fof Asia (or, shall we say India, China and Japan?)—is being in: dustrialized, and "is this continent to become the sweatshop of the world, exploiting its own toiling
Text read from the printed page and cleaned; old type leaves the occasional error.