THE SXTNDAT OKEGONIAX, PORTLAND, JULY 27, 1919. EUROPEAN INDUSTRIES, DISORGANIZED, MENACE TO WORLD Lack of Raw Materials, Transportation and Uncertainty of Credit Constitute a Tremendous Barrier to the Economic Rehabilitation of Impoverished Foreign Nations. BY FRANK A. VANDERLIP. America's foremost banker and interna tional financier. WHAT HAPP1SED TO ElBOPBt I. Paralysed Induary. I WENT abroad to learn at first hand something of what the war had done to the finances of Europe. I had gone but a short way in that in vestigation, befere I perceived that Ithere was something far more -fundamental and important to investigate than finances. Perhaps nothing worse than national "bankruptcy, with its attendant results can happen to a peopl. I believe, how fever, that something more far-reaching and more disastrous than mere Jbankruptcy has happened to a num ber of European nations. The most profoundly significant thing that I sensed in Europe is the disorganization and paralysis of in dustrial production. The paralysis is mot confined to the war zone. It ex tends to the industries of the neutral countries. So long as it continues, there is danger of revolutionary de velopment and of bolshevik tendencies. "Wherever unrest develops into bolshe vism, that new name for an old disease, anarchy, there is danger of contagion, and the disease is liable to spread to adjacent territory. This makes it necessary to regard Europe as a unit in any forecast of future conditions, for no government is strongly enough fortified against the inroads of this microbe of social con tagion to permit its future to be re garded as safe when its neighbors de velop this type of revolution. It is not my purpose to write any description of the war front or any detailed account of what has happened to industry in the devastated districts. I motored as the guest of the Ameri can, French and Belgian governments, throughout the whole battle front from the German border to Zeebrugge. It is idle to attempt to picture that trip to any one who has not seen what the desolation of war really means. There is a scar across France and Belgium along which devastation is complete, villages that are just dust heaps, cities In which not a building remains, acres of land permanently despoiled so far as agricultural use is concerned. I rode for many miles along roads which had been lined with magnificent avenues of trees 75 or 100 years old. These had all been felled and not be cause the wood was needed. For over two years they lay where the skillful German ax and saw had put them destroyed apparently in a frenzy of de struction. Destruction la Wanton. T saw broad orchards every tree in which had been sawed off close to the ground, and they still lay there as they first fell in pitiful rows, although no military engagement had taken place in the vicinity to give semblance of a military reason for the act. I saw great factories in the occupied district of Belgium that had been operating on Oerman supplies up to a few days be fore the armistice and which were out side the range of active military op erations, which were systematically and completely destroyed, chimneys toppled over, bombs placed in every boiler and machinery wholly wrecked. If I were writing a book on the war. I would devote a chapter to telling about the systematic destruction of in dustry for solely commercial purposes; how factories were selected that were competitive to German industry and ruthlessly destroyed, while others which were standing near by and which were non-competitive were left unharmed. In a sense, Germany has won one of her objects. She has destroyed the in dustry of northern France and much of the industry of Belgium, so that no matter how great or in what form indemnity is secured, these industries cannot be replaced before similar Ger man industries, and the industries of other countries, may have absorbed their markets. In picturing the devastating effect of war on European industry, however, one must not confine the view to the Hindenburg line. There were great in dustries in Poland completely de stroyed. In east Poland there is a tract -of land 200 miles broad and 400 miles long where the Russian armies decided bo to devastate the country that the German armies could not follow them. There the houses were of wood, and all were burned. The Russian army en deavored to evacuate the country of the whole population and the popula tion started toward Russia in advance of the retreating Russian army. The ' retreating Russian army traveled faster j than the refugees and marched throu&rh I them. Then the pursuing German army j pressed on and marched over these people. They were left without food, clothiner or shelter. Four hundred I thousand starved. i Today that great territory, the size of Kansas, is barren and without means of sustaining life. The industry of "Warsaw was systematically sacked, as was that of most cities on the eastern front. Bolshevism Eodl Job. As one hoves further south the situa tion becomes little better. Few cities in Europe have had to endure a more terrible fate of starvation than Prague. In Hungary, bolshevism has done what militarism failed to do. In Rumania, a purely agricultural country, there were left almost no cattle or farm ma chinery. Both in Poland and in Rumania not over one-third of the fields will be planted this year. Rumania is one of the great sources of grain exports to other countries of Kuropa. i.er exportation prior to the war was 100.000.000 bushels, including wheat, barley, rye, oats, corn and millet. The premier of Rumania told me that tinder the best of crop conditions Ru mania would be able to raise this year only a sufficient amount of food for her own population. Serbia was utterly despoiled. There is choice irony in her railroad statistics. After the armistice there were nine locomotives in Serbia. This horrible story of destruction, however. I speak of only to minimize its extent by comparison. Vast as has been the field of destruction, these dev astated areas are but scars on the face of Europe, and in the main the great intricate, complicated industrial ma chine of Europe was stimulated and expanded by this war which was so truly a war of industries. If it were possible to show the exact percentage of the industrial life of Eu rope which has been sacrificed with shell, bomb and incendiary torch, it would be seen that the destruction, vast as it is. bears no overwhelming rela tion to the whole. All Europe Paralysed. VThy, therefore, should not these in dustries which have been unharmed be set going at a speed they never knew before in order to meet the insistent demand that the illimitable needs of Europe may be expected to create? The fact is. that in the face of these illimit able needs the industry of all Europe stands paralyzed. What is it that has laid its hand on industry and at the moment when Industry's products are needed as they were never before need ed in the world has put out the fires. turned off the power and left Industry idle? The answer cannot be made in a sen tence. There is a tragic combination of difficulties that has brought this about. I will try to enumerate a few of these, and let any American manufacturer try to imagine his plant faced with such a series of difficulties and answer if he. too. would not have found them too great quickly to surmount. Let us pass by the case of these industries in the devastated districts. Obviously, their situation alone makes an early restora tion of work quite out of the question. Let us take as an example an unharmed industrial plant in any place located In the interior of any one of several coun tries. We must first recollect that do mestic transportation is broken down. This is substantially true of all Eu rope. It is literally true in many dis tricts, but even where the service is best, days and weeks are consumed in moving freight short distances. Then the factory must have raw ma terials, and in most cases these materi als must come from outside the country. Over great regions a military embargo still continues and raw material could not be shipped if it could be obtained. To obtain it, there must be arranged in many cases ocean transportation, and ocean tonnage is so scarce that ships sometimes make one-half their pre-war value out of receipts of a single round trip. Credit Is Solution. But if tonnage can be secured and military embargoes do not interfere, there is then the difficulty of exchange and the practical impossibility of credit. All the continental nations are con trolling imports with a strong hand be cause every ton of material that is bought outside of the country increases the difficulties of the government in handling the foreign exchange situa tion. So the manufacturer must first ob tain an import license, which is always a tedious process and frequently a dif ficult one. After he has permission to import raw material he must secure the foreign funds necessary to pay for it. Suppose he has done all this and has surmounted the difficulties of ocean and land transportation; he is then ready to start his mill. It may be. if it is located in Italy, for example, that he can get no coal. In any event, the price of coal and the difficulty of get ting it regularly, together with the dif ficulty of transporting it in sufficient quantities, will be a serious handcap. Then comes the labor situation, and although every manufacturer is sur rounded by idleness, in few cases is his labor market favorable. If his product is one that requires special' skilled labor he finds that his former labor force has drifted away and is difficult to replace. Always the increased cost of living and the idea which is uni versal that labor shall have in the fu ture a larger share in the profits of pro duction, makes his new wage scale somewhere from two to three times his pre-war scale, while all over Europe the demand for a shorter day is adding, at least in the opinion of many manu facturers, to the labor cost of produc tion. Markets Are Essential But now suppose that the manufac turer has surmounted all these diffi culties and has actually started the pro duction of his product. There then comes the difficulty of his market. He again faces the obstacle of broken down transportation. If his market had previously been in the Balkans, the near east, or countries along the east ern front, the transportation problem is at present unsolvable. The difficul ties, fiven of transportation of mail, are unbelievably great, and bad as the mail service is, it is frequently speedier than the telegraph. This is no extravagant figure of speech: it is a plain statement of conditions that are so widespread as to be typical. But suppose the manufacturer has at last produced his goods and has got in touch with his prospective customers. If these customers are in Spain, France, Holland or the Scanainavian countries, they probably have means to pay for what they want to buy. If the custom ers are elsewhere in Europe the credit questions involved will be extremely serious; and so far as Poland, Lithuania, Rumania and the Balkan countries are concerned, nothing but credits will com plete the transaction. The credits asked are not short. They are too large and too long for any manufacturer to under take to carry himself. They are not of a character which permits them to be handled as banking transactions. And so there is going on a chaotic scramble of the representatives of all these small countries to create credits in any form which will pay for goods they so urgently need. Thus we see a situation where the need of goods is practically without limit, but the diffi culties surrounding their production and marketing are so great that up to the present time there is a condition of idleness unprecedented in industrial history. Loans Moat Be Liberal. The picture that has been drawn of the difficulties that manufacturers are facing may seem to be extravagant and overdrawn. Not all manufacturers face all these difficulties, but the pic ture is not extravagant or overdrawn if taken as a general indication of the state of industry in Europe today. The great obstacles are the difficulties of obtaining credits to purchase in foreign markets, the inability to get ocean ton nage, the breakdown of domestic trans portation, labor unrest, and throughout the great war area the destruction of machinery. Machinery, raw materials and railroad equipment are the main things that Europe needs and must have to restart the industrial processes. To secure these it is necessary to obtain in the aggregate vast foreign credits. I believe there can be no secure peace until the way is found to supply these credits to all Industrial centers. It will not do to pick out only those districts or those industries which may seem to offer the best security, for there will be security nowhere as long as there are, here and there, plague centers in which idleness, lack of production, dis organized, transportation, want and hunger make a breeding ground for the bolshevik microbe. II. Coal and Credit Italy's Need. The following installment of Mr. Vander- lip's narrative is published somewhat out of sequence because of the pressing demands of the coal problem in Italy to which he calls attention. The reeular installments of his book will be resumed next Sunday.) j When one comes to see the impor tance of looking at a nation in the light of its power of self-sustenance, he will distinguish sharply between do mestic wealth and a national ability to command and pay for necessities of foreign origin. Take Italy, for example. She is won derfully rich in man power, moderately well-to-do in agricultural resources, she has partly developed her great po tential resources of water power. She has no good native coal, little mineral of any kind, and none of the great staple raw materials. She raises silk which she unwinds from the cocoons onto bobbins and spins into skeins, and then, in the main, exports it to the looms of France and Switzerland, and formerly to Austria, to be woven. Coal. It is absolutely essential to her life to import about a million tons of coal a month, all of her cotton, much of her wool and some of her food. She ex ports the lovely ekeins of yellow silk; her looms convert American cotton with a great deal of skill into cheap fabrics for the near east. Ehe exports v - ... -v ' .' . '' ' olive oil and a few special food prod ucts of small value in the aggregate, such as macaroni, cheese and a certain amount of wine. In the present stage of her industrial development she has comparatively speaking, little to ex port and an absolutely Insistent need for considerable imports. For many years, therefore, Italy's foreign trade has been out of balance. She could not sell the world goods equal in value to the amount of goods she must have from the world. She did have, however, two special and un usual sources of annual income. To tourists Italy has for centuries been "the garden spot of the world." The aggregate from the tourist business reached very large figures In recent years. Emigrant Savings Reduced. She had another Important source of annual income, reaching indeed -in re cent years to upwards of a hundred million dollars, and that was the sav ings her emigrant sons sent home. This has been a constant and a growing fund which yearly contributed in an important degree toward equalizing the international balance. For sev eral years prior to the war, and in spite of a deficient volume of exports. Italy was able fully to balance her in ternational account without making foreign loans, through tbe aid of these two great sources of annual income the expenditure by tourists and the remittance from her emigrants. The war has wholly changed this satisfactory position. During the war Italy incurred foreign obligations amounting to $3,100,000,000. the annual interest charge of which is say, $155.- 000.000. This alone would have thrown MILLION OF BRITISH DEAD DEMAND HUNS' PUNISHMENT Englishwomen. Would . Have Made No Easier Terms - in Peace Treaty, Declares Nurse Lan yon, . . BT EDITH E. LAVTOX. IN CORN-WALL, July 19. Now that the Atlantic has been crossed in 16 hours I no longer feel so far from home. All the recent excitement about fly ing the Atlantic has at least taken our minds off tne tedious delay about th peace terms. Had English women dictated those terms they would cer tainly have been no easier. A million British dead lie far from home be cause of German wTongdoing and brutality. We wish to give Germany justice, but not too much mercy until she shows some glimmering of repent ance. Justice permits punshment for crime and cruelty proved. I. for one. would not admit the alteration by so much as a comma or the dot of an "1" to the terms drawn up by the great nations after their long confabulations to gether. - Even the poor beach looked the worse for wear after the Whit sun boll day makers. The sea is an excellent housekeeper and washes the beach all over twice a day, but even now flotsam and Jetsam in the shape of orange peel and pieces of glass bottles lie as a rim of rubbish thrown up above high-water mark. There are times when humans are not very lovable. I dislike people who spoil the beauty spots of tbe world for other peopU Never eL ha a lanuscapt been lm V5: n her international account severely, out of balance and would have been ex tremely serious because she has no way by which it is feasible promptly to in crease her exports. But the incurring of the foreign obligation with its an nual interest requirements is only a part of her present difficulties. The embargo on travel all through the war and a certain continuance of that em uargo for a further year or two costs Italy in her international account not less than $200,000,000 a year, while her other source of annual income, the remittance from emigrants, has neces sarily been greatly curtailed because of the return to the colors of a great number of her industrious sons. These emigrant remittances have continued in remarkable volume, but still there Is a deficiency there from pre-war fig ures that is important in view of the extreme need for something to counter balance the absolutely necessary pay ments that Italy must make abroad. Two of her important exports, raw silk and cheap manufactured cotton goods, have had their market seriously interfered with. The markets for the raw silk were France, Austria. Ger many and Switzerland. The market In the central powers was wholly cut off and in France badly disorganized. Silk Induatry Important. The raising of the cocoon Is an es sential part of the agricultural indus try of Italy. The cocoons are sold to the silk mills In June and throughout the rest of the year the mills are busy winding the half mile or more of fiber that each cocoon is said to contain into yellow skeins of raw silk that in the main go to foreign looms to be dyed and woven. The cocoons are paid for proved by the addition of greasy sand wich papers and banana skins. m m m We had a picnic down on the beach a few days ago. We sat in one of Nep tune's private grottoes beside a string of charmingly decorated little pools. They were furnished with lively little crabs and darting tan-colored shrimps who have never a blush until they are boiled. With appetites sharpened by the Atlantic breezes we made away with Cornish pasties and luscious apri cot tarts with dabs of clotted cream on top. I could write an ode to a Cornish pasty! Luxury foods are still enough of a novelty to us to bear talking about. lou in Portland, who have never been without can afford to be superior and talk of higher things. A thirsty little dog. evidently a visitor to the sea shore, viewed one of the grotto pools and stopped to take a drink. His face of disgust at finding the refreshing looking drink was aalty was really a study. He tried each pool hopefully and then gave up In despair. We felt bound to give him some drinking water In one of our cups, lest he shourld go away with a bad impression of the Cor nish sea coast. A youthful officer caught a wee crab and interned it in his cigarette case. I sadly fear that little crab's happiest days are over and that his next debut in society will be on the end of a fishhook for bait. I was in a shop the other day when a very smart young demobilized officer came In to purchase some "civies. After four years of harsh, fighting khaki he had evidently decided to go in for sometbing frivolous and aa un-wnir-like as possible. He put his .1 V V by the silk mills In June. The mills in turn receive their payment for the raw silk month by month throughout the year. Here was where the fluc tuation in exchange made a serious dif ficulty. The silk mills having paid for the cocoons a definite amount of lire found when they came to dispose of the raw silk some months later that the currencies were so depreciated that the raw silk could not be sold for enough to reimburse them for what they had paid for their cocoons. In this trying situation the govern ment came to the rescue and made i fixed price at which It would buy raw silk. It was forced to do this; other wise the silk mills. In he face of wildly fluctuating exchange market. would have had no secure ground to stand upon In buying the next crop of cocoons snd the whole silk-raising in dustry would have become disorganised in the very seat of production, th peasant homestead. Under the work ing of this arrangement the Italian government has' accumulated $75,000, 000 worth of raw silk and has created a situation in the silk market which is perhaps economically unsound, but hu manly necessary. At least it was neces sary in some way to keep the industry of Bilk production alive. The difficul ties of the situation were so great that without government intervention the silk mills would not have taken the risk of purchasing a year's crop of co coons with the hazards of a disorgan ized market and wildly fluctuating ex change rate throughout the year dur ing which they must dispose of the spun silk. In recent years there has been de veloned In northern Italy, particularly at Turin. Milan and Genoa, a number whole soul Into choosing a delicate baby-blue satin tie and then got Boston garters to match. I did not stay to note the rest of his purchases. He wore the ilons ribbon. e e The County Agricultural show h been the excitement of the week. The Prince of Wales, who Is the Duke or Cornwall, came down to It. He seems exceedingly popular with all classes. I did not go myself, as I thought there would be too many hayseeds about, so went and had an inoculation instead. (I -mean real hayseeds, not the slang Kind.) e . e The girl who delivers our milk has curiously golden hair. She Is not peroxide blonde, but got her hair bleached free of charge by the T. N. T. when she worked on munitiona To one who knows, her hair has a beauty all Its own. e Peace clothes are rather remarkable. They are probably scanty because cloth is scarce. The obvious summer girl favors a clinging woolen Jumper which reveals rather than conceals her form, and a very short skirt. As someone re marked: "A mixture of Lady Godiva and the London Scottish. The colors of these garments are very bright, no doubt because we expect them to fade. I myself have an emurald green hat with a vivid pink rose on one side. I chose It because it Is as unlike my week nurse's uniform hat as 1t can possibly be and still remain a hat. I know ex actly how the pale-blue-tie man felt. I saw a peculiar hst the other day. It was a plain aailor trimmed with a ribbon band and right In the front, unon the brim, perched a little ship a child's toy ship in full sail. I should say the wearer had leanings toward the navy. see I have collected one or two Interest ing local superstitions. One is that pilchards must always be eaten from the tails towards the head. Eating them heads downward is a grievous sin "sure to turn the hesds of the fish away from the coasts.1 say the fisher men. Pilchards are a small herring. of great, efficient industrial organiza tions The story of one of theae Is as splendid a romance of industrialism as will be found anywhere. There was one man In the industrial life of Italy " resistea the "peaceful penetration of German capital. He had large in dustrial works in Genoa. There was ingrained in htm a distrust of tbe Teu ton, and as German capital penetrated to other Industries he not only resisted any advance made by that capital for an Interest In his business but he in stilled into his two sons what .- m almost a religion of chauvinism so far as this great establishment was con cerned. When the father died the two sons, with a touch of Italian romanticism, stood at the bier and made a stern compact one with the other that they would never admit Gtrman capital into their great industrial inheritance. In theae two men there certainly must have been some of the blood of the Caesars, for they had an audacity, an Imagination, a vision for great ac complishment such as the men mho ruled early Rome must have had. Theirs was the one great Industry In Genoa. The whole was known as the Anaaldo company, and It had great and varied industrial capacity. running through shipbuilding, the making of turbines, the construction of locomo tives and the building of electrical ma chinery. With Italy's entrance Into the "war these two men had the imagination to realise that the great war was a war of Industrial capacity. A speech which Kaiser Wilhelm made in which he told his own people that the war would be won In the workshops of Germany brought to them a revelation regard ing the character of the war. Their clear-eyed view of German national characteristics, their hatred of German domination, made them see, as few men in Italy saw. what the struggle meant to Italy and what means must bo employed it Italy was not to be van quished. factory Saves Italy. They offered at once to turn their es tablishment Into the making or large guns for the army. Perhaps, as they believed, there was German influence still in seats of power in the Italian government. Perhaps there was only a lnck of vision, but In any event they got no orders for guns. Lack of or ders, however, did not daunt them. They believed they could see more clearly than the government saw. They secured from Italy's allies the designs of the most efficient French guns and without a single order from the gov ernment and in the very first days of the war they started to convert their plant Into an ordnance establishment. Before they received an order for a single gun they had completed 000 pieces of ordnance. Then came the Caperetto disaster. And not until that awful defeat did the Italian govern ment turn to them with cries for guns. when the first order was placed, the officials were confounded on being told that the guna were ready for Immediate delivery. These 2000 guns were at once put in the field to take the place of the vast losses which the Italian army lad sustained, and performed a feat. in stopping the advance of the Aus trian the value uf which can hardly be measured. The Anraldo company could now get orders, but through some Influence, or perhaps only througn financial Inability, they could not get pay. The orders were unceasing. The pay continued elusive. The great works, however, were operated to their utmost capacity, and performed a feat hat those in America will marvel at. snd upon the size of the catch depends the living or tne iisnermen. i"i the fishermen have been away in the navy these last four years, catching mines and submarines instead of pilchards, their biggest catch being tne whole German fleet. An ancient Cor nish custom was to -wassaile" the apple trees, making libation to Pomona to insure a good crop of apples. Cider containing roasted apples was poured at the foot of each tree on Twelfth- night eve. The old custom has been aoanaonea In these enlightened days of Wesleyan Methodists, but the apple crop has been very poor of late years. Flint arrow heads pickea up tn tne fields were supposed to be caused by thunder and had supernatural powers. I well remember my oldrCornish nurse telling me one wss a thunderbolt.) Steeped in water they made a healing drink particularly good for rheuma tism. This summer we have had a record run of fine weather 40 days without rain but the average kind of Cornish weather can rival that of Portland, for the old verse runs: The south wind always brlnaw wet weather. The north wind wet and cold together. The west wind alwaya brlnss us rain. During the last few years many ships were torpedoed off these shores by German submarines. A house over looking the cliff was occupied by women of German nationality, suspect ed by their neighbors of being there for no good purpose. One day a British ship was torpedoed out at sea and some 40 of the surviv ors were brought in half dead with cold, hunger and exposure. A sym pathetic crowd gathered at the harbor to watch them coming ashore. The aliens were standing there, too. and. safe, as she thought. In the knowledge that no one could understand her. a German woman said to another in her own language: 'Good enough for theae pig-dogs of Englishmen." Unfortu nately for her a woman In the crowd understood German and Immediately reported her kind speech to the police. Public opinion was so strong that the aliens were ordered to move inland. It was, perhaps, only a curious coin cidence that after their departure no more ships were torpedoed off this coast. Our chivalrous government always seemed to consider that German women, at least, must be harmless. Peace times In the army seem to be uncommonly dull. They all aay tbe same thing. Styles Change in Roumania for First Time. Robbed of Rich Embroidered Coats, Mea Are Clad to Oet Aaaerlrsua Bath Robe. TUCHAREST. June 18. (By MalL) I 1 For the first time since Roumania, as the ancient Roman province of Dacta, adopted the short white skirt of the Roman leglonairea aa her especial cos tume, the men of Rumania have changed their sty'.e of wearing ap parel. The ancient costume since the time of the Romans has been a short white tunic, supplemented with thick white wool "bag-trousers." and a heavy nadded coat whose lines of rich em broidery exactly follow the lines of the old Roman body armor. The German-Bulgar-Turk looters car rled away as many of the embroidered garments as they could find. The cloth ing brought from France by the Ameri can Red Cross has taken tbe place of tbe stolen roods. Hospital garments of all kinds, bath robes, pajamas, hospital jackets, are being worn by the men in the villages in place of their historic national cos tume. A gray woolen hospital oatn robe may not be as picturesque as an who know br experience the difficul ties of ordnance production. Works that employed 100.000 men "ere created and 10.000 guns were put :n the field. At one time the Italian government owed the Ansaldo organi sation T00.000.ono lire. The matter of finanei.tj? nrunViti required genius, daring and substantia strength. The capital of the company was increased to 500.000.000 lire and the public generously subscribed to th stock. A great combination cf basks was created In order that the organi sation might control and be aided by a bank of great financial strength. Material Ample. In a struggle balanced to such a nicety as was the great war. when Paris and perhaps the whole causa was saved hy the opportune arrival nf a handful of Americans at Chateau Thierry, it can be Justly said of each of many factors that the war could not t5en without this or that particular contribution. In that sense it seems to me It can truly be said that without the contribution of the Per ron! Brothers and of their organization of 100.000 men that they .-..... u'ntinrr in tne Ansaldo works the great war could not have been won. For Italy's cause would have h. lw. end with that loss might have coma the downfall of the t;reat cause. But now wht of the future of this and other great industrial establishments that the war developed tn Italy? In many ways Italy struck rae as belr.g richer in hu nan material than tny other European country that 1 visited. These northern Italians aeem to have a genius for Industrial organ isation. One of the great Industrial plants of the world is the Fist wo-ks at Turin; and there are a goodly num ber of well-plannvd. well-equipped In dustrial establishments In northern Italy that have at hand an efficient. skilled and more than ample labor sup ply. Hut they must have coal and to get that must somehow, snd at once, have the power to par either tn goods or in dollars or pounds sterling. It Is rot a matter of the individual credit of these industries. It is not at all a question vf tbe domestic wealth of these concerns. It is a question of Italian national position with respect to the international exchanges. Italy as a national unit must be able to sell to the world a sufficient amount of her own products to pay for the coal, and the cotton, the wool, the petroleum products, the rubber, and the other rsw materials which she must have. If for the time being she can rot do that, and cannot make up the balance from emigrants' remittances and tourists' expenditures, she must have credits or her industries must in part close down. It all amounts to the inevitable losric of two plus two. There Is no getting away from the new fun damental factors that are involved in International trade. To buy anything abroad Italy must sell her own prod ucts cr make loans to counteract the lack of balance. If she cannot make these loans, things essential to her in dustrial life cannot be Imported. Her industrial life must halt, production cease, workmen stand in Idleness and face want But that usually spells whether the hungry man Is an Italisn. a Russian, an Elngllsh.-nan. or God forbid, an American, the result is apt to be the samel, revolutionary out breaks, a disorganization of the social order, industrial chaos. (Copyrighted. 1919. by th MacMlllan Ce (Another article by Mr. Vanderlip in his series "What Happened to Europe" will appear next Sunday.) embroidered tunic, but. judging by the pleased look on the faces of the peas ants as they leave the American Red Cross distributing station, the substi tute garment is giving perfect satisfac tion. PRINTERS ARE IN DEMAND Men of Past Experience and Con siderable Education Called For. NEW YORK. July S6. Information that there is a shortage of men in the printing and publishing Industries and that there are exceptionally good op portunities for the employment of dis charged soldiers and sailors in that field has been received at the office here of Colonel Arthur Woods, assist ant secretary of war. The announce ment adds thst there is room in the printing industry not only for appren tices, but for men of past experience and considerable education. Denver and other places in Colo rado are said to be short of printers, and, according to the announcement. similar reports have been received from Iowa and from other states all over the country. FRECKLE-FACE Sun snd Wind Bring Ont Ugly Spots. How to Remove Easily. Here's a chance. Miss Freckleface. to try a remedy for freckles with the guarantee of a reliable concern that It will not cost you a penny unless it removes the freckles; while If it does give you a clear complexion the ex pense Is trifling. Simply get an ounce of Othlne dou ble strength from any druggist and a few applications should show you how easy It Is to rid yourself of the homely freckles and get a beautiful com plexion. Rarely is more than one ounce needed for the worst case. Be sure to ask the druggist for the double strength Othlne as this strength Is sold under guarantee of money back If it falls to remove freckles. Adv. Miss Louise Popp Tells How Cuticura Healed Pimples 'On rooming I woke tap and my id was full of little red pimples. Than my back was affected. At first nothing but water came out of them, bat a boat s week or two later they started to itch and bite, and I picked them, and corrup tion came out. They would not let ma sleep, and my hair be came very dry. "I read about Cuticura Soap and Ointment and I bought them, and h took one cake of Cuticura Soap and not one boa of Cuticura Ointment to heal tne. (Signed) Mies Louise M. Popp. 3551 S. State el., CkJr Lake City. Utah. One dear, keep your skin heahSly and clear by using Cuticura Soap and Ointment for every -day toilet purposes and Cuticura Talcum to powder and perfume. Swsa Oi-tiiisii 2S aad SO. Talcws 2tc Suid throus-nout the world. For sample each free address: "Calscism I mm Dm M. Miita. Mass."