New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-28
EXCHANGE HOUSES
WAIVE MORATORIUM
Business Debtors of Paris Not
Waiting Compulsion TO
Pay Obligations.
BY YVES GUYOT.
ET.hinl,tet Of Public WORKS Editor "IAqsne.
seonomlqus e flnsneltrs."
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the loan can only be realized when
one considers it is really due to the
patriotism of the masses-the fig
ures will doubtless show 100000
subscribers-and that a great many
persons were prevented from sub
scribing more owing to the mora
forum and the non-receipt of rents
due.
The rent question is particularly
difficult, as many rents have re-
manned entirely unpaid since the
beginning of the war owing to the
mobilization of tenants, which thus
deprives landlords of sums that
otherwise would have been available
for the loan.
Regarding the moratorium, the
situation is somewhat better, be-
cause business debtors-especially
as concerns the Stock Exchange
have not waited until compelled to
discharge at least part of their obi
cations, thus releasing considerable
sums which they might have re
tanned.
The Bank of France weekly state
ment shows how great have been
such payments. On January %,
1914, the total of bills renewed was
just over 100000 francs, while
in the last account the correspond
ing figure is only 1,S45,OOO,0OO.
The question of sugar prices at
tracts attention, particularly in view
of the recent action by the state.
The Minister of Commerce pro-
fessed to find the price of French
No. 3 white sugar over high on
account Of speculatory maneuvres,
and threatened to close the Sugar
Exchange unless the price fell.
1t really seems as if certain mem
bers of the Socialist party were
ignorant of the laws of supply and
demand. The Commerce Minister
declares that 70 francs a hundred
kilos is the normal price for No. 3
now quoted about los, including
% francs duty. A hundred kilos of
raw beetroot cost 80 francs, which
only allows 20 francs margin for
manufacture, although working ex-
penses are greatly increased.
Certainly 1913 francs-83 without
duty-is high, compared with the
prices of 1908, 1909 and 1918, but in
1890 and 1892, in times Of peace,
prices varied from 1G5 to 100.
Naturally the whole thing is a
question of supply and demand,
while the French market is in
huenced also by prices elsewhere.
At the outbreak Of the war it was
realized that sugar stocks were
short. Secondly, government buy
ing sent up prices. Thirdly, large
section of France being invaded, the
available beet root crop fell about
two-thirds, reducing the production
Of French sugar from 100000 or
100000 tons to 100000. Finally, no
sugar has been exported from
Russia, Austria or Germany, which
also elevated prices. AS regards
American sugar, high freights and
increased insurance charges CON
tribute to raise its price.
The government departments con-
cerned would be more likely to get
satisfactory results if they sought
the reason for high prices in the
disorganized condition Of internal
transport, especially on the state
railroad, instead of in speculation.
Coal as well as sugar has mounted
enormously owing to the lack of ade-
quate transportation, which appears
to be due to want Of cooperation be-
tween the various railroads, thus
causing large numbers of idle
trucks, of which there are too few
already, owing to the failure to buy
them when wanted.
The authorities assert they have a
stock of 10000 tons of sugar, which
they are prepared to put on the
market if prices do not fall.
Let them do so, and they will see
it soon absorbed ithout causing
more than a temporary fall, for the
demand is greater than they realize.
Leather has also risen for sim
liar reasons-incress ed consump-
ton, reduced production and diff
culties of importation. Even in
normal times leather is subject to
considerable fluctuations. Now cattle
stocks have been reduced, many
European countries forbid exporta-
ton and freight is high. Labor is
dearer also, as we'll as Goals, oils and
interest on money. Finally. army
requirements consume immense
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