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Ordinarily a crack British freight line sells the old ships it is ready to discard to Lithuanians or Albanians et al.; but The Commercial pertinently recalls that several such old tubs have recently been broken up and sold for a song as junk, the owners preferring not to get a good price for them as ships for fear they would crop up in competition later, much as sellers of new automobiles look on "used cars" as a menace to their business (see p. 45).
Canada to Recess. Looking out at the Dominions, The Commercial sees A SHADOW OVER CANADA: Two Crop Failures In Succession, adds: "It is now evident that the trade of the Dominion has received a severe setback [crop failure . . . falling off in production . . . decline in earnings of industry . . . collapse of the stock market], and in place of the lulls which have occurred from time to time in the past six years there will be a definite recession."
Fool's Paradise. From Australia The Commercial's correspondent reported: "Recent events apparently justify the repeated warning of financial critics that we have been 'living in a fool's paradise. . . ." Probable decline in exports for the current year (1929-30) of as much as £30,000,000. . . . Undoubtedly the chief depressing influences were the decline in the price of wool and . . . a pronounced tightening in the international money markets [which] has seriously affected the capacity of London to supply Australian Governments with their usual quota of loan funds—from £25,000,000 to £30,000,000 per annum in recent years."
All this refers, of course, to the existence in Australia of one of the most daringly Socialistic governments possessed by any English-speaking community, a Labor Government supporting the high Australian minimum wage law. With other alarmed British authorities The Commercial asks: "Is Her Standard of Living too High?" but of course the cautious Commercial does not, like some other commentators, accuse Australians of being Socialistic loafers.
Bed Rock Business. South Africa is found to be in a period of "transition from post-War prosperity to bedrock normal business," having suffered like Australia from the fall of wool prices. Moreover the African "diamond market immediately became depressed" after "the great financial debacle in America" and "inevitably exercised an adverse influence on [South African] commerce and industry generally."
Lucky Ireland. Almost The Commercial's only bright page is that headed IRISH FREE STATE'S STEADY ADVANCE: The Shannon Scheme Completed.
Not burdened like Mother Britain with a disheartening War debt, pert Daughter Ireland has been stepping out for Prosperity. The business event of the year was of course the virtual completion of President Cosgrave's stupendous German-engineered project for hydroelectrification of the oft sung and storied River Shannon (TIME, Aug. 5). But The Commercial supplies many a significant fact about what has happened since Henry Ford changed his mind about "abandoning Ireland."