The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-21

The new French loan 70 which our Fellow
countrymen and the people of France are
subscribing with such comforting spri'
will close In less than two weeks. Beiore
the opening day OF the loan. October 10Th
last banks and business houses OF Paris had
already subscribed 4 billions of francs.
We deem II necessary and but Just TO COM
plete the information already given In part
on the real economic and financial SITUATION
of France. that our countrymen ana TRENDS
in the United States may, while there Is YET
time, make an investment which Is excep-
tionally advantageous. The advices recently
received, all from official sources. show IN
a striking manner the latent resources OF
the MAGNIFICENT Republic made up OF France
and her splendid Colonial Empire. which
with incompa rable courage are being more
and more developed every day. few days
ago the new President OF the French Council.
Mr.. Leygues, told the representative or the
Associated Press" in Paris that out or
3 800 900 acres of land destroyed in the war
zone and which must he reconstructed.
800 900 acres have already been sowed In
cereals and vegetables and 100000 planted
in trees. Out OF 100000 houses completely
destroyed In the war zone great many are
under reconstruction. and in the meantime the
Inhabitants have built huts. temporary houses
OF wood and quite large number OF per-
manent buildings have already been erected.
AZ regards industry in the Northern regions,
three-fourths Of the destroyed factories have
resumed work entirely or in part
The chief concern OF the Government has
been means of transportation. and at present
5000 kilometers OF railway which were de-
stroyed or damaged have been promptly
restored.
The French Merchant Marine. which dur
ing the suffered enormous losses
through the savage destruction by German
Submarines. already ranks among the leaders.
At the end OF December, 1919, the total
amount Of her tonnage exceeded 100000
tons, this figure differing little from prowar
tenn n md fpF1Ifdq (,RTm1
tonnage allotted France by the treaty OF
Versailles.
Moreover. at the end OF the past year. the
French shipyards had received orders FOR
bf3. 600 tons and since January last purchase
Of ships in foreign countries exceeds 100000
deliver 10 our Merchant Marine In 1920
80 900 tons; in 1921. 445. 00O tons. and In
1899. 100000 tons; thus giving a total OF
255. 900 tons newly constructed and de-
liverable within two years. and this does not
comprise the now orders which run up as
high as 725.0O0 tons.
n we now pass 10 the financial situation
particularly interesting In regard 10 the FIX
change. the commerce Of France with for
eign countries. we see that during the first
eight months OF 1920 the French exporta-
lions, as compared with the corresponding
periods Of 1919. have increased 100 per cent
GIVE billion and n half OF francs). Out Of
this amount the expectations OF manufac-
This being so per cent over the importations
of similar articles from foreign countries.
Frances exports OF products necessary 20
industry have increased 225 per cent.
The only increase In imports are those Of
raw materials necessary 10 French Industry,
and this Increase did not exceed IS per cent.
These figures are far more eloquent than
long speeches. and show with what coura 20
France. not yet recovered from her terrible
losses and the wounds inflicted by the war.
rcratned confidence and worked One al
ready secs the result In n commercial bal
ance which IL more favorable every dav. In
fact. we SEQ that this famous commercial bal
ance, which Is not. as some might imagine.
the only factor In the fuctuation Of exchange.
shows only deficit Of 1902 000. 200 francs
on the goth ~ September last. while the de-
flcit shows 1883 900 600 francs for the first
nine corresponding months OF last year.
This altogether remarkable Improvement
comes from the constant progress 81 French
oNDortniiors. which Increased in 1920 nearly
10 200 600 600 francs. In comparison with the
first nine months Of the past year.
Mr. Marsal. Minister Of Finance, was right
IN calling attention recently 10 the fact that
the commercial balance az France f. to-day
that Of n country which has suffered much,
hut which RECEIVERS with energy. II IL that OF
country which rapidly retrleves her losses
and Is even beginning 70 rebuild her reserves.