15 MARCH 1930, Page 2

He is also thwarted by the preposterous net-work of international

tariffs which prevent freedom of exchange. Yet the tariff maniacs who wish to perpetuate this difficulty are among his most bitter critics. Finally, it must be admitted that unemployment is a world-wide sickness. It is an epidemic in the United States and Germany as well as here. The most credible explanation is that for the time being the machine has outrun the man—it has produced too much and too fast for the con- sumptive capacity of the world. The obvious solution is to stimulate consumptive capacity. The reduction of tariffs would do more for that purpose than any other single device, but most of the politicians in most of the countries of Europe prefer to deride it. - * - * *