* * * * " DEMOCRACY ON ITS TRIAL."
A very striking address was delivered last Monday evening by Mr. Hugh Lewis, the well-known insurance expert, before the Insurance Institute in London, on the subject of " World Trade and Economic Problems." Getting away altogether from the bigoted views, on one side or another, of the fiscal controversy, Mr. Lewis gave striking figures showing the retro- grade movement in our trade activities over a prolonged period. Among other things, he mentioned with regard to shipbuilding that while in 1930 British shipping launched 44,000 tons less than in 1929, the launchings abroad rose by 140,000 tons. And yet again, quoting from statistics prepared by the League of Nations, Mr. Lewis emphasized the fact that if the United Kingdom had maintained her export position (i.e., her relative position) her exports would be greater now by I160,000,000 annually, which would have meant work for some 700,000 workers. " Democracy," said Mr. Lewis, " is on its trial. remains to be seen if it can successfully wrestle with the bib+ cate problems of finance and economics, upon a sound solution of which the very existence of the nation depends."
A. W. X.