[12] The proposal respecting Austria was a loan of 50 millions in instalments of five years. [13] Mr Hoover seems to suggest that their repayment should never take place. To a meeting of Bankers he says:-- 'Even if we extend these credits and if upon Europe's recovery we then attempt to exact the payment of these sums by import of commodities, we shall have introduced a competition with our own industries that cannot be turned back by any tariff wall.... I believe that we have to-day an equipment and a skill in production that yield us a surplus of commodities for export beyond any compensation we can usefully take by way of imported commodities.... Gold and remittances and services cannot cover this gulf in our trade balance.... To me there is only one remedy, and that is by the systematic permanent investment of our surplus production in reproductive works abroad. We thus reduce the return we must receive to a return of interest and profit.' A writer in the _New Republic_ (Dec. 29th., 1920.) who quotes this says pertinently enough:-- 'Mr Hoover disposes of the principal of our foreign loans. The debtors cannot return it and we cannot afford to receive it back. But the interest and profit which he says we may receive--that will have to be paid in commodities, as the principal would be if it were paid at all. What shall we do when the volume of foreign commodities received in payment of interest and profit becomes very large and our industries cry for protection?' [14] The present writer declines to join in the condemnation of British miners for reduced output. In an ultimate sense (which is no part of the present discussion) the decline in effort of the miner is perhaps justified. But the facts are none the less striking as showing how great the difference of output can be. Figures given by Sir John Cadman, President of the Institute of Mining Engineers a short time ago (and quoted in the _Fortnightly Review_ for Oct. 1920.), show that in 1916 the coal production per person employed in the United Kingdom was 263 tons, as against 731 tons in the United States. In 1918 the former amounted to 236 tons, and during 1919 it sank to 197½ tons. In 1913 the coal produced per man per day in this country was 0.98 tons, and in America it was 3.91 tons for bituminous coal and 2.19 tons for anthracite. In 1918 the British output figure was 0.80 tons, and the American 3.77 tons for bituminous coal and 2.27 for anthracite. Measured by their daily output, a single American miner does just as much work as do five Englishmen. The inferiority in production is, of course, 'to some considerable extent' due to the fact that the most easily workable deposits in England are becoming exhausted, while the United States can most easily draw on their most prolific and most easily workable sites....