The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1920-02-03
FRANCE HOPEFUL
FOR new Year
Begins 1920 With Greater Conf
denee Than II Did
the Last +
DE 70 DEFEAT OF RADICALS
Gleetisns Stabilize Internal Condi-
items, Though Fall Of Franc 10 StH
Serious ProbIer,--Study
Financial Policy.

Paris.--Frsnce begun the new year
with far greater confidence than tie
last. This is In spite of formidable
basdicaps, such MS the balance sf
trade running against her at the rate
of about 800, 100000 francs month.
about 20 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 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 Mt
the rate of nearly 1000, 600, 900 francs
q month, there Is plenty of money for
Industrial and commercial enterprises
and long-ierm loans. The 4,0o000V@OV
franc loan TO provide immediate
resources for indemnifying victims Of
the invasion was oversubscribed before
the official opening OF the subscrip-
tons. Important banks and indus
trial companies have lately increased
their capital TO an aggregate of nearly
SOC, 600. 100000 francs.
Big Trade on Bourse.
Transactions on the Paris bourse,
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 up
ward movement of all industrials
which began before the signature of
the treaty at Versailles. has heen un-
checked 10y successive uQuidations.
This Is regarded by keen observers
here IS a sure sign of economic re-
covery.
Employers say the labor situation Is
Improved and that the last strikes de-
veloped signs that the workers them
selves were becoming weary of long
continued disturbances of business, in
dustry and transportation. They see
tendency against frivolous strikes
and an indication that only real griev-
ances will induce the wage earners 10
quit work hereafter.
Decentralization of capital md in
dustry Is seen In the establishing In
Normandy of textile Industries TO re-
place those In the occupied territory
destroyed by the war. This movement
has been greatly extended by develop
mcnt 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 Inonopollze any industry, ana
declare that this scattering viii prove
beneficial and result In more
equnhle recovery OF all parts Of the
country.
To Transfer Industries.
Powerful financial groups are at the
head of the movement to transfer I'm
portant industries from the coal re-
gion to southwestern France, where
water power soon viii be available.
Other groups are being formed 10 de
velop manufacturing centers near the
coast SO as To 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 us wave OF "lazlness,'
gives II healthy tone To the situa-
ton.
Instability of the exchange value Of
the frame is regarded us 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 TINT is
what the present low value of the
frame means. The French government
is sow studying complete renovation
Of the financial policy with view 30
making such provisions TO meet obli-
cations as viii give greatest stability,
both at home ana abroad. Details Of
the new financial policy are as yet not
disclosed, but IL is understood that 1t
comprises large interior loan to take
M all short.tem bonds and floating
debt, and Important increases In all
taxes 10 bring the revenues mp to the
annual budget, estimated to require
2o000,0O0000 to 2500O,0O0,0O0 francs.
II Is not expected that any Internal
financial arrangement can exert more
than lparal influence on the value
Of the frame abroad, and this may be
said TO be the object Of the greatest
anxiety In official circles.
Indians Enter Industrv.