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LABOUR NOTES FOR LONDON WELSHMEN.

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LABOUR NOTES FOR LONDON WELSHMEN. Mr. Lloyd-George is never tired of remind- ing us that his University was the Welsh Sunday School. The Welsh Sunday School is an admirable institution in its way; but evidently, it is not strong on figures, which probably accounts for the Right Hon. gentleman's peculiar way of handling them. He quotes statistics like Lord Avebury or a London Municipal Reformer. Speaking in the House the other day, of our superior financial position over Germany, he said that Germany has to borrow 50 mil- l ions: "In Germany the sinking fund has been suspended to meet the current expendi- ture of the year. So much for Protectionist finance." After reading that, one would almost believe that England was a paradise, and Germany almost a bankrupt kingdom. But our National Debt is £17 63. per head as against Germany's £12 6s. Our National Debt, which stands at 720 millions, represents nothing but powder and shot, that has been fired years ago; but against Ger- many's liabilities of practically the same amount, 475 millions has been spent in acquiring her railways. Germany also owns nearly all her canals, great forests, many mines, numerous salt works, factories and banks, and their net profits amount to 60 millions a year, and their value to-day, after 150 millions has been written off their railways, stands, according to the statement of their Minister of Public Works at a 1000 million sterling. To describe an outlay of 720 millions, with assets of 1000 millions that earns near 8°/Q interest, a debt, sounds like a Moderate leaflet of the last County Council election, and if Mr. Lloyd-George is not careful, the Moderates may yet make him their Chairman at Spring Gardens. THE FAILURE OF SMALL HOLDINGS. Another instance of the breakdown of the old individualistic Liberalism is to be found in the complete failure of the Small Holdings Act. Up to the present time there has been some 16,000 applications for allotments that cannot be granted, becauso the applicants, the agricultural labourer and the small farmer, have not the necessary capital to work their allotments. That has been the history of peasant proprietorship in every country. Judged as means to develope healthy, manly, and a generous peasantry, they have always been a complete failure. Instead, you have a narrow- minded, over-worked, and a parsimonious population; generally deep in the clutches of the money-lender or banker, jealous of their little rights, and opposed to all generous reforms because they cost money. Before allotments can ever be successful, there must be cheap credit—some system of national banking, where the small proprietor can have sufficient capital at low interest; and an organised scheme of co-operation in the disposal of the product, as well as an organised scheme of education in the possi- bilities of intensive culture. Individualism is dead, and the Liberal Party, as a pirty, has nothing else to offer. The future is with co operation and the socialisation of wealth production. MERLIN.

The Welsh Club.

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