Dr. Schacht's New Trade Shackles A Government which allows merchants
to buy goods abroad in the ordinary course of trade, and then forbids payment to be made for them, is obviously breaking those common rules of morality without which no human intercourse can be carried on. This was what compelled, first the Lancashire exporters of yarn and then the York- Shire wool exporters, to declare an absolute stoppage of trading with Germany, until the moneys due for past de- liveries were paid. A proposal in partial satisfaction has at last been made to Lancashire ; Yorkshire is still wait- ing. Meantime Dr. Schacht, who as acting Economic Minister in Germany has really been responsible for the mischief, has come out with a new policy which should prevent its recurring in that form. It will bring the whole of German trade, industry and agriculture under close control by 25 Boards ; and, roughly speaking, nobody will be allowed to import anything unless sufficient foreign currency, obtained through exports, is available to pay for it. This will render possible again the elements of honest dealing, but • the cramping effect of its compli- cated machinery scarcely needs to be pointed out.
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