Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-12-28
PROSPECTS BETTER
FOR FRANCE IN 1920
Nation Views the Future With
Greater Confidence in Spite
Of Handicaps.
RAW MATERIALS ARE NEEDED
Plenty Money Available for In
dustriaI and Commercial En-
tcrprises on Loan Terms.
RAW MATERIALS ARE NEEDED


FAIRS. Dec. 27.--France vii. begn
the new year with far greater con-
ddcncc than tho last. This is in spite
Of formidable handicaps such as tho
balance OF trade running against her
a. the rate OF about 100 100000 francs
month. about 30 per cent dcprccia-
ton Of the exchange value Of the
f-anc, and the consequent difficulty OF
procuring raw materials and machines.
urgently needed for reconstruction.
Frances renewed confidence is de-
rived directly from the result OF the
recent elections. These are resailded
nero as having definitely Stabilized in
ternal politics. ended all danger OF
revolutionary agitation FOR some timc
10 come. anI brought about better
attitude b. capital and labor toward
re immense effort before France.
Money is forthcoming for invest
inents in anything that promises STAB
MY While Investments IN short
tc'm treasury bonds are continuing a.
me rate OF nearly 1000, ooe.o 600 Of
francs month, there is plcn;r Of
money for industrial! ana c0mmcrgia!
enterprises and lonE-term loans. The
.coe6Oo,ooo -franc loan TO provi~e i'm
mediate resource for indennifyins
victims Of the invasion WAS ovcrsub-
-crbcd before the oHicia! opening 0.
m. subscriptions Important banks
nercased their caapiial 10 an assre-
-atc OF nearly 300 00hooo.0p francs.
Upward Movement Noted.
Transactions on the Paris uoursc,
nave exceeded on certain days records
.! pre- war trading when futures en-
cred Gely into the totals. The up-
ward movement OF all indus,ria!s,
which began before the signature OF
The treaty a. Versailles. has been un-
cncckcd by successive !iquidations.
This Is regarded by keen observers
hcre sure sign OF economic re-
Employers say the labor situation is
improved and that the last strikes
developed symptoms that the workers
themselves We're becoming weary OF
ong continued disturbances Of bust
ness. industry and transportation. They
strikes and an Indication that only
req. grievances will induce The wage
carriers 10 quit work hereafter.
Decentralization OF capital and in
Normandy OF textile industries TO re-
place those IN the occupied territory
development OF water power in the
rtgion Of the Alps and the center and
>prth or France Industrial leaders
ay mat no particular region OF France
hereafter VIII monopoliZc any indus
;r. and declare that this scattering
more equitable recovery OF all parts
%. the country.
Powerful Financial Groups
Powerful financial groups are at The
por;ant industries from the coal re-
sion TO southeastern France, where
water power soon vii! be available.
"cIop manufacturing ccaterS near the
coast so as TO reduce the cost OF
transporting raw materials. Indus
trial leaders say that this activity on
Ne part OF capital. supported by the
recovery OF labor from what has been
1; srac,er rna, as a wave Of "!aziness."
instability OF the exchange value OF
ne franc IS REGARDED as one of The
I: is pointed out that France cannot
pay twice over AT present high prices
Ic or, supplies r.. sro she needs and that i:
iranc means. The French government
IS now studying Il complete renovation
% hcr hnancia policy with view
20 making such provisions 10 meet
aer obligations as will give greatest
stability both at homo and abroad.
New Financial Policy.
Details OF the new financial policy
arc as yet not disclosed. but il is
Understood that it comprises. firstly. a
.arsc inierior loan TO take up all short
secondly, important increases in all
taxes to bring the revenues up TO the
100000. 900 10 5000 Se" 600 Fe fIanss o
not expected that any internal
financial arrangement can exert more
SAID 10 be the object OF the greatest
anxiety IN oUlcl3l circles.
The building trades do not show any
disposition to undertake important
work while Oh! ICED 20 pay three times
ne normal prices for materials The
result Is That reconstruction work is
p.llE hcld up, although considerable
progress ,! IS reported from some sec
i'r1SrcSS, although encouraging. is not
regarded by business men as Sufficient
20 warrant the expectation that France
VIII be enabled at a early date 10 re-
70 10 c,,ni,
10 materially effect the exchange ratns
Ihc Franch still are counting on some
"ort OF international arrangcmcnt that
VIII Increase the value of the. fmnc
Capital and Labor TO Unite.
With capital and labor both ready
10 do their bit" said Raoul PEREZ
rnamman Of the appropriation com
mttcc OF The Chamber OF Deputies to
che Associated Press "al that re-
mains to enable us to get firmly on
cur feet is for the world to give our
IN all markets" French observers re-
Iard 1t As extremely important that
rance Snali be enabled 10 purchase
They say this is shown by the fact
ina oet d the war three hfths OF her
lccts, and hat this proportion must
&C increased in the future to make
for the loss of the market Tor
NtS which formerly constitntnd th.
assHortant share OF the total Of French
rsfEortS.
Revenue from tourists. which was a
polent aid toward maintaining The
equilibrium Of the franc until tiic WI, .nc
mas not yet siAen the expected helm
Indications are seen OF an influx Of
foreign visitors carly in the new vcar
but present disposition in official cir
NC" seems to be not to wait for lis
developments but to take measures to
Improve all needs independently OF
this source Of income.
Economists and hnancicrs who have
weighed all the elements OF the situa-
iion admit that France still Is in q
most difficult situation. but see in
dications OF great Improvement before
the end OF another year.
Want Letters From Soldiers.
PARIS Dec a7-'rhc .t,to /. ,,,.,