Dr. Schacht's dismissal from the Reichsbank is generally regarded as the end of all attempts at orthodox finance in Germany, still heavier use of government subsidies etc. to push German exports, and not improbably a levy on Catholic property comparable to the confiscation of the Jewish, the proceeds of which cannot last for ever, While the embarrassment of Nazi finances is notorious an interesting message from Berlin this week dwells on the heavy expense which the seizure of Austria has entailed. The foreign trade of Greater Germany at the end of last year showed an adverse balance of ' £36,000,000, compared with a favourable balance of £37,000,000 for Germany alone at we end of 1937, These facts give point toa new memorandum from, the Federation of British Industries to the Government on the intolerably unfair competition which British trade has to meet British industry carlot compete wis. foreign unless "assured. of effective support by the Government"
The FRI. certainly does not: overstate the case. Wherever ons turns, he competition of subsidized franc "as to be met. Shipping is the most notorious and for us as a nation most dangerous example. Particular at-mention has lately been drawn to our coastwise shipping, the importance of which in war time is incalculable.
It does seem extraordinary that ves-els from other countries may freely cut into this business, when no British ship would be allowed to carry a pound of cargo between any two of their ports.
I suppose we are generally better Mf than most Continental countries.
But a curious example of the far-reaching effect of trade decline and of how people are cutting down came to me this week. Our local vet, whose family have been well-known veterinary surgeons for three generations, usually does a good business at this season in looking over hunters undemocrati In the last Balfour administration at the beginning of century the huge Government jority gained in the "khaki elec-of 1902 frequently dwindled to almost nothing members either not voting or even voting against the Government. That is never allowed now. It is the rarest thing for any abroad. In answer to a similar note last July the Board of Trade took the view that the best solution lay in mutual arrangements with industries abroad. Which sounds like the usual official way of "passing the buck." The F.B.L, however, are not going to take it if they can help. They now reply that arrangements are useless unless we penalize those who won't come into them, that the German Government "armed with the most complete powers" uses political pressure as well as subsidies to help its traders "even in day-to-day commercial dealings and that although the F.B.L "has no desire to see the German system copied in this country" force through the abolition.
Text read from the printed page and cleaned; old type leaves the occasional error.