The warning issued by the United Endowment Foundation of the United States, to the eitect that approximately 3.100 communities are in default on their short-term indebtedness, is not 30 serious as would appear at first blush. for though a large number of municipal entities are involved the total amount of money represented in the default is not more than five per cent, of the nation's munteipal indebtedness. Municipal debts _sinco 1914 have quadrupled, despite the fact that there has only been an increase of population amounting to $0 per cent. That suggests that there has been a wholly unwarranted expenditure of money, though, perhaps, it might be as well to take into con~ sideration the period of transitional Hdevelopment which the country has been passing through, and the unprecedented times it ex: perienced; these should modify first impressions. The danger that larger cities will be added to the ist of defaulters unless the system of municipal Gnaneing is greatly retormed, suggests that this form of munlcipal activity has not been 30 closely controlled as it is, for example, Great Britain, where the Local Gov-jamament has) much to say whether a certain municipality shalt be allowed to raise a loan or not. How. fever that may be {t is dificult to discount the impression that the real remedy will be found in the fact that though development has outspeeded the growth of the numbers designed fo obtain ben off from it, its speed will be reduced in the future, and that, if this is to be so, inherently healthy conditions will permit of the present defaulters again being able to 1nd assume liquidation of the liabilities which they have accumulated,
Text read from the printed page and cleaned; old type leaves the occasional error.