A DOUBTFUL EXPERIMENT.
This is a procedure which in this country we can scarcely feel justified in-criticizing if only for the reason that in some respects Germany seems to have gone one hater than our- selves in the-matter of State aid. Instead of the unemploy- ment dole we have State-aided industry, and in place of the operations of the Trades Facilities Acts in this country, we have advances by the German Government to industry with an even greater margin between the rates charged by the Government and the ordinary loan rates to industry in Germany, than that which exists here between the terms on which industry borrows under the Trade Facilities Act and those which would be involved in borrowing on their own account., The moral of the situation would seem to be that immediately we resort to artificial means for dealing with unemployment and stimulating industry it is always up to other countries to go one better, and the net result is that instead of the whole world benefiting by increased and cheap- ened output, we fail to get the stimulus in those directions which would ultimately be supplied if matters were allowed to take that course and artificial means were not resorted
to.
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