AMERICA GOES ABROAD

The rumor that Professor Sprague of the Harvard Business School was to accept a position with the Bank of England has been granted clear title in its final confirmation yesterday. In view of the major problems of unemployment and disorganization of its banking system facing the Labor Cabinet there remains little doubt that the industry and finances of England are hampered by the well-worn cogs of out-worn tradition. In this case the governors of the Bank of England have journeyed across the ocean in their quest for the right practitioner to prescribe the panacea for their ills.

Old World opinion has always regarded industry in the United States as a well-knit organization of high-pressure business, a crystallization of the pioneer spirit exemplified in its scientific management and efficient business methods, leaving the country little time for the cultural aspects of life. Whether or not this criticism would stand severe scrutiny, the American scholar has usually resorted to England or the Continent for any specialized research into the learning of the past ages and the cultural trend of the present. Once more America goes abroad, this time, by aiding the British government in a reorganization of its banking system, to make a part payment for what the Old World has given the New.