Foreign News: London Notes

¶ Shrewd Englishmen of "The City"—London's "Wall Street"—weighed carefully what was said by Britain's chemical tycoon, Lord Melchett, upon his return last week from hobnobbing in U. S. tycoon-dom (TIME, Oct. 29). "American prosperity is based upon two factors. One is the large amount of money earned during the War at the expense of Europe, the effect of which was to enable America to remodel her old plants and build new factories. The other is the great productivity of the American workman, based partly on the greater use of mechanical power and partly on the fact that the American employers are...