THE UNEMPLOYMENT PROBLEM
[To the Editor of the SPECTATOR.] Sth,--While you are right up to a point in your comment that imports have ultimately to be paid for by exports, visible or invisible, that comment does not in the least invalidate Mr. Roche's argument:. The necessary imports of, foodstuffs -and raw materials do net in themselves create a demand in the countries which produce them for goods produced here. It is true these imports have ultimately to be paid for. In the mean- time we may be importing them on credit—in other words, running up a bill. That bill must eventually be paid. But our creditors cannot be Compelled to accept payment in goods Valued at the price at which our labour persists in valuing' itself. It may have to be paid by the enforced sale of our foreign securities, and by the sale of the varied treasures of art which we have accumulated in past centuries. In point of fact these methods of payment are now being adopted. Unemployment is not eased thereby.—! am, Sir, &c., • •
C. B. MARSHALL.
St. Andrews Church House, Wells St., W.
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