Editorials.

This article presents information on political and economic conditions in the world during 1931. The article first talks about the emergency budget which the Chancellor of the Exchequer presented to Great Britain Parliament. It is a budget which the Labor Members could have cheered just as heartily as did their Liberal and Conservative opponents. By the proposed customs union between Germany and Austria, the independence of those countries was to be preserved and the initial step taken toward a general European customs union, for all other countries were invited to join. There is enough loose language in the agreements plausibly to justify any conclusion, the result depending, however, not on legal but political considerations. Some officials in Washington are becoming restive under criticism of the administration for the unparalleled concentration of gold in the U.S.