OCCASIONAL NOTE

The movement on the part of the American Treasury to defer for a few years the obligation of the various European Governments to pay interest on the money or credits they have had from the United States during the war is a step in the right direction and, if realised, should do something to prevent a further fall in the exchange value of sterling in America. It is to be feared that the American motive is mainly selfish. The rising exchange value of the dollar – like the rising exchange value of the rupee – makes export business extremely difficult, and a serious falling off of American export business would have its serious political aftermath. In a sense, there is something almost indecent in the proposal that the economically much harassed European Governments should pay the interest at all. Great Britain, which saved America from unknown perils and expenditure, has a National Debt of some eight thousand million sterling, while America has a debt of only some three thousand million sterling. If the Wilsonian principles really dominated American public life the American interest would be written off entirely for a term of years which would give England and France a breathing space in which to set their houses in order. However, half a loaf is better than no bread, and doubtless Mr. McAdoo’s proposal will not be rejected in London if it is accepted in Washington.

Advertisement

THE NEXT ANTARCTIC EXPEDITION

The Lord Mayor today presided at a meeting at the Mansion House, when an executive committee was appointed to obtain funds for the proposed Antarctic expedition. Outlining his scheme, Cope said it was intended to fly over the great ice-barrier, peaks of which are twelve thousand feet high, to the South Pole. He said that he anticipated that the expedition would maintain communication with civilisation by powerful wireless. The object of the expedition was to develop the Antarctic regions commercially. The expedition would proceed to Wellington, New Zealand, reaching Macquarie Island in October, 1920, where a geological survey would be made. The Terra Nova would then go to Scott Island, establish a wireless meteorological station there, then proceed to the Ross Sea, probably making its headquarters at New Harbour.

MILL STRIKE AT NAGPUR

NAGPUR, DEC 25

About six thousand mill hands of the Empress Mills at Nagpur struck work suddenly at 8-30 A.M. this morning. This trouble, so far as ascertained, began in mill No. 5, where it is stated by the strikers, three labourers were dismissed whereupon the hands in mill No. 5 came out in a body, and went to other mills and induced others to come out. All hands then made common cause and left their work. They all met in the Cotton Market and decided not to resume work. The strikers are, so far, orderly. They are going to present a petition formulating their grievances.

RAID ON NEWSPAPER OFFICE

The raid on the offices of the Irish Independent was an extraordinarily daring one in view of the fact that the newspaper premises are within 120 yards of the Dublin main thoroughfare. The raid took place at ten o’clock on Sunday night. Between forty and fifty men participated, some holding up the staffs of all departments with revolvers whilst others destroyed the machinery and telephonic and telegraphic instruments. Communications were cut off, and nobody was allowed to leave the premises, including the Post Office messengers who had just delivered telegrams. The raid lasted twenty minutes and was carried out so quietly that nobody outside was aware of what was occurring.

TURKISH PEACE TREATY

Referring to the Turkish Treaty, the Times emphasises that the terms of peace cannot be decided solely out of deference to the views of Mussulman India, and says the British Government would never willingly affront the susceptibilities of Indian Moslems, but the issue hangs upon larger considerations than a sentimental and rather modern interest in the rulers of Turkey. The Times describes Mr. Lloyd George’s speech of January, 1918, in which he stated that we were not fighting to deprive Turkey of Constantinople, Asia Minor and Thrace, as an offer and not a pledge. The speech was accompanied by conditions with reference to the Dardanelles, the Bosphorus, Arabia, Syria and Palestine, and was an invitation to Turkey to cease fighting, which meant her own ruin. The Times concludes that Turkey elected to continue the war, and having been decisively beaten, must abide by the consequences.