Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1920-01-22
FRANCE HOPEFUL
FOR new YEAR
Begins 1920 With Greater Conf
denCe Than II Gid
the Last.
DUE TO DEFEAT OF RADICALS
Elections Stabilize Internal Condi-
tions, Though Fall Of Franc Is Still
Serious Problem-Study
Financial Policy.

Peris--trance began the new year
with far greater confidence than the
| last This IS IN spite of formidable
handicaps, such as the balance If
| trade running against her at the rate
Of about 1,50O,Oo0,O00 francs month,
about so per cent depreciation of the
exchange value Of the franc 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 regarded
here as having definitely stabilized in
| ternal politics, ended all danger Of
revolutionary agitation for some time
| to come and brought about a better at
| titude by capital and labor toward the
| immense effort before France.
Money Is forthcoming for invest
ments in anything that promises stabil-
ity. While the investments in short
| term treasury bonds are continuing at
| the rate of nearly 1000, 100000 francs
a month, there Is plenty of money for
| industrial and commercial enterprises
and long-term loans The 4O00,0o0,0o0
franc loan to provide immediate
resources for indemnifying victims VI
| the invasion was oyersubScribed before
the official opening of the subscrIp-
tons Important banks and indus
| trial companies have lately increased
their capital to an aggregate Of nearly
5OOO00o00,O00 francs.
Big Trade on Bourse.
Transactions on the Paris boursp.
which still are confined TO cash deals,
have exceeded on certain days records
OF pre-wnr trading, when futures en-
tered largely into the totals The mp
ward movement of all industrials
which began before the signature Of
the treaty at Versailles, has been I'M
checked by successive liquidations.
This is regarded by keen observers
here as a sure sign of economic re-
covery.
employers say the labor situation is
improved and that the last strikes de
yeloped signs that the workers them
selves were becoming weary Of long
continued disturbances of business, in
dustry and transportation, They lee
a tendency against frivolous striies
and nm Indication that only real grify-
ances will induce The wage earners TO
quit work hereafter.
Decentralization of capital and in
dustry is seen I'm the establishing in
Normandy of textile industries to re-
place those in the occupied territory
destroyed by the war. This movement
ment Of water power In the region OF
The Alps and the center and south OF
France. Industrial leaders say that
no particular region of France here
after will monopolize any industry, and
declare that this scattering win prove
beneficial and result in more
cQuable recovery of all parts of the
country.
To Transfer Industries.
Powerful financial groups are at the
head Of the movement to transfer inn
portant industries from the coal re-
gion TO southwestern France, where
water power soon will be available.
other groups are being formed 10 de-
velop manufacturing centers near the
coast SO as 90 reduce the cost of
transporting raw materials Indus
trial leaders say that this activity on
the part of capital supported by the
recovery of labor from what has been
characterized as wave Of "lazlness,'
gives healthy tone 10 the situa-
ton
Instability Of the exchange value of
the franc is regarded as one Of the
weakest points in French conditions.
II is pointed out that France cannot
pay twice over az present high prices
for supplies she needs, and that is
what the present low value of the
franc means The French government
is now studying a complete renovation
If the financial policy with view TO
making such provisions to meet obll-
cations as win give greatest stability.
both az home and abroad. Details OF
the new financial policy are ms yet not
disclosed, hut IL is understood that It
comprises a large interior loan to take
up all shorttcm bonds and floating
debt and Important increases in all
taxes TO bring the revenues up to the
annual budget, estimated 10 require
20OO0OOOOO0 10 $1,000 100000 francs
Il is not expected that any internal
financial arrangement can exert moro
than a moral Influence on the value
OF the franc abroad and this may be
said to be the object u the greatest
anxiety IN official circles.
lpIEsra EnRAr tpz1et~Ny