War-time financial problems

THE MORAL 197

with enemy shareholders). They were managed in
this country; the profits earned by 'them were sub-
ject to our taxation; they were obliged to conform
to the regulations of our Merchant Shipping Acts;
they carried officers and men who were members of
the Royal Naval Reserve ; on the outbreak* of war
our Government was able to requisition the ships
owing to their British registration and without regard
to the nationality of the shareholders in the com-
panies owning them.'' It appears to this recalcitrant
member—and there is much to be said for his view—
that all these consequences have been highly advan-
tageous to this country. On the subject of " key "
industries he is equally unconvinced. It appears to
him that " the important thing is to get the industries
established in this country, and that the question
of their ownership is of secondary consequence/'

It is very satisfactory to note, in view of wild talk
that has lately been current with regard to restric-
tions on our power to export capital, that the Com-
mittee has not a word to say for any continuance,
after the war, of the supervision now exercised over
new issues. The restrictions which it did recom-
mend, while admitting their futility, on imports of
capital into our shipping and " key " industries were
evidently based on fears of possible war in future.
The moral is that this war has to be brought to such
an end that war and its barbarisms shall be " spurlos
versenkt," and that humanity shall be able to go
about its business unimpeded by all the stupid
bothers and complications that arise from its
possibility.

o