On Wednesday Mr. McKenna, Chairman of the London Joint City
and Midland Bank, delivered an admirable address before the University of Manchester on the subject of International Exchange. The chief point in -the speech was that the stabilizing of the exchanges depended directly upon the success of the League of Nations. He said that the world was now called upon to choose between solvency and armaments. Eleven out of twelve European nations this year had a deficit, and in most cases, if disarmament were decided upon, they would have a surplus instead of a deficit. He declared that the huge cost of armaments-20 per cent. of the world's expenditure—was not merely exhausting the world but was destroying it. That is about the truth of the matter. • We may exist for years -in' penury as the result of making preparations for our own suicide. There will net be enough left over even for moderate funeral expenses.
