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IlrSelections FromTHE DOCTORS AROUND CERMANY_ ( Alberto de, Stefani, lornter ltalian Ministe,r oIF_ir1gnge, u.rotp the follou.itig editori,at lii ni-';i'"rri"ildella Sera'e of Milan', in its !"une 26th isiue.)ER\{ANY'S sickness haslasted for almost 13 years,thing of the fantastic about it.After four lears of rvar came itsundoing: the loss of territories andcoionies, men and lvealth : the convulsiveformation of a neu' politicalorder; tl.re uncertainties of the national_conscience ; the collapse ofthe old mark and the creation ofthe ner,r- mark: the recurring onusof reparations; and the burden ofinterest and amortization on f oreigntlebts. 1t is a political. rnoral,cconomic and finarrcial crisis.Much time has passed duringrvhich man1. people have been askingwhat Ciermany's sickness is,rvhat is its gravitl', rvhat are theprognostications that can be madeconcerning its duration and u,hatare its conseqllences on the healthof the u'orid. But there is anotherquestion that is greater than ail theothers, ,a query that comes spontaneously:r'r,hether Germany'J infirmitiesare more serious and\vorthy. of special care in comprr-isonrvith thc inhrmities ofothel countries. And here we arehesitant in ansrvering. A glance atGreat Britain leadi us io somcserious reflections. Even she isaffected by poll'erful historicaltrends that are undermining thepremises of her Rreatness. Not alost ryar. but a vait fer.merrl oi neu.economies, of autonomous tendencies.Elser,vhere, as in German-,,and in the United Kingclom n e haviunfavorabie balances'in the privateand public.economy. uncmplol merrt.tne pr.ecarlorrs condition of agricrrl_ture. industry and commurricaliousas u'ell as State and local public or._ganizations. It is enough'to nameauy country in the u.orld in order1: hll-.. an example oi this, fromthe.. Unitecl Stales ro India, fromIndia to Australia.And yet the doctors are all gath_ered around Germany, as thZughthere \vere no other sick ones,u'hereas the l,vhole world is sick.And,.i1 is thought that German/icondttton must be very serious - ifshc. needs such speciil attention.I hrs ,mrrst be so. peopie sa1-. altllorlgntt ts llot so eas)- to iut.nr afirm convicrion in the nratter. Sick.1es. but no more sick ihan rhe othersin its economic structure, in itse-cluilibriunr betn'een cost oi pro_duction and selling price, in'-ii,commcrrial possibilTties u".f por;_tlolt. I ol Gerrrrari economic" ljleappears to have, {rorn manl. pointsof vicn'. a great.: r elast ie ir ,' ,ii""that of othcr countries, inilu..linpthe United Siates todar-. ,na ."1tainly than that of Gre;t Britai;.We are alwavs looking for a reasonrvh1'. r-hich g.tr..il ment u'ith uniform " criteriJ "pp;;;; fromall countries does not give us. Itis useiess to quote si.tistics : somanv of them have been given forunemplol-msnt, bank failures. ancllorelgn commerce that evertroneknorvs approximatell, that thingsn_olre trvorse, in this respect, thinin other countries. And' for lacltof a more concrete answer rve takerefuge in the political and financialps1'cho1og1': in the imponderableclements of faith and diitrust. anrlbehind them, in the confusetj movementsof the communists and the"Steel llelmets."And yet the specific form of theGe.rm.a1 malady, which has provokedthe intervention of the presidentof the LTnited States, is notdifficult ro diagnose. It is nur thefirst time that the LTnited States hasconcerned itself u'ith it. The tivoplans ior the pa1'rnent oi r.eparations.a.lihough thel- were not signedor rarified by rhe Unitcd SiaresGorernment, bear the names oi trvoAmerican citizens, Dawes anclYoung. rvho are today invested bvtheir CovcrnmenI with the func'-tions of representatives. The UnitedStates has never shorvn a lack72a duration nhich has someofintere.st in reparations arrang.ements,either in 1921, in 1930, ortodal'.It u.as not a matter of inc1i1{erenceto her, as it is not a matter- ofindilTerence to her nor'. that thebalancc of lor.cign pr\ rncltts abroarlon the palt ot Ucrnrarrr u orrld ailorvthese transfers on accortnt of larr-eparations.There is airvays a balance in pa1"_lxents. If it r,vere not so, the'bai_ance of trade and of economic loalsrvorrld even themselves, eithcr bvthe renurrciarion oi debts, th. sal'eof securities or the transfer of goldand appreciated currencies. '' Inorder ior Cerurarrl tn bear rhe burdenoi the pa1 nrerrt atrtl thc rrans_f er ol lcparalious jn a nnrmal rrran_ncr.,.it is rrecessarl-rhat tlrc ior.eigrrcre' llls f ur the saie of goods andfor ordinar-1- economic &eaits e,-_ceed_ the debts for tfr. pu..f.ur."otg..'odsand ioarrs b1- at jeast u ,u*cquat 1o tlraL necessary for tlreservice of r-eparations.- Xforeover, alongside of the itemtor reparations, there is anothergreat iten-r. the interest and amorti_zati9tt of clebts contracted, especiai_1), in the United States,'thi pro_ceecls of rvhich Germanr, has^ al_readl- used. and r-rot a.lu,a)ls for pro_cluctive ends.. ()n tht.passivc part of Gernran\.sb_aiance oi pa) ments, therefore.there rr cigh not onl). the repara_tions. brrr :ilso the iervice oi rheforeign loans, rvhose reglllarity i11-tercsts especially the creJitor corrrr_trres. The amoun:s rrecessary forthis. service can be "pprui.e.i "rr_nually, always u-!th, gieat approxi_matron, to about iralf of the innuitiesnorv owed on account oi i.p"r_ations.. Thjs is u,h), the financial situa_li"t, ii Ccrminy is ioilorved,"iailrcularlyb_v llre creditor courrtries,\\'t111 anxlolrs altenlion, and rvhvthel- are verl- attenliv. to tf.. .o,;_srstencl-. 1o the decrease of the re_scrves of.gold and appreciated currenclesr llch represent the guaran_tee. of the fiduciary and lega'i ciriu_ranon. A postp-on_ement of reparalronspayments lightens the passivepart of the balance of payments andeliminates worry as to tire p;;ibil_