The one shining exception to Europe’s spendthrift ways is The Netherlands. With climbed production, cutted taxes and dropped import controls Dutch national debt cut 25% to $5.3 billion.

FOR Western Europe’s factories, 1955 was the biggest postwar year. Production of steel, autos, chemicals, coal products and other goods soared to new records. In its latest report, the European Payments Union, clearinghouse of trade for 17 nations, said that free Europe’s combined industrial production index went up from 127…