New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-14


we're recently discussed in the British
Board Of Trade Journal, a government
periodical devoted to foreign COM
merce. Four-hfths Of Switzcrland's ex-
ports represent manufactured goods. it
says. and a large part Of the remain
der consists Of prepared foods-choco-
late, cheese and condensed milk. The
leading export industries approach the
category of luxury trades silks, en-
brcideries, watches, jewelry, etc.
which are the first to feel the inhu
occupation Of hotel keeping and OF
making other provision for tourists is
also quick to feel the effects Of bad
trade elsewhere. II to the adverse in
hrcnees Of tic present time arising out
of the world wide depression we add
high prices expressed in an appreciated
currency. it does not cause surprise TO
learn that the crisis which began to
be severely felt at the end Of last year
has grown in intensity with each sue
ceedfng month Of 1921.
The .Stciss Franc
The dominating question in Swiss
economic life since the winter 1919 20
has been that Of the foreign exchanges
The Swiss frame has greatly apprec ated
in relation 10 practically all other cur
rencies, the most notable exceptions be-
ing those Of tho United States and
Japan. AS a direct consequence. the
has been greatly hampercd, and in
some cases has become nearly impQs.
sible. On the rising markets which
prevailed until June. 1920, questions Of
price we're often treated as secondary,
possession Of the goods being the only
matter considered. SO that the direct
results Of the high value Of the Swiss
frame have been most kcenly felt since
the break in world prices and the con-
sequent entry into action of deAaton
tendencies. The sale Of Swiss goods,
pered by artificial barriers in the shape
OF import restrictions enforced by sew
eral neighboring states, was On the one
hand thus rendered precsrious in
large number Of foreign me- rkets,
while on the other Swiss manuiac-
turcrs were exposed TO being wnder-
sold in ne home market by several
highly industrial countries with de-
preciatcd currcnc;cs.
The reality of this disadvantage has
be-, shown by the record value Of
Srlss imports in 1920, name,.', 1900
million francs. This figure, an in
crease Of $40 million francs over 1913
AMI Of 100 millions over 1910, repre-
SAINTS imports per head Of the popu-
lation to the value Of over 1.lC0 francs.
During the last two quarters Of 1920,
when Swiss exports showed marked
declines (S2O and 69l million francs,
A. against 1869 and l,O15 millions
In corresponding quarters Of 1879,
the imports advanced (l,06o and 1929
million francs, against 99b and 1901
millions. In the last quarters OF '910.
Italy. Franco. Germany, and Austria.
are deprecated, but the principal i'm
porter has been Germany. whose cx-
change Oh Switzerland since the lato
autumn OF 1919 has averaged about
onc-clcvcnth Of it's nominal par value.
Before the war SIS per cent Of all
Swiss imports we're German, 18 per
cent French, III per cent Italian. Aus
trian import values reaching s Der
cent the Same as tnst for the United
Kingdom and for the United States.
German imports appear to have at
least maintained during 1920 their
relative position.
Other grave consequences have been
suffered by Switzerland from the col
lapse Of the exchanges. Large proper.
tions Of Swltzerlands foreign invest
ments had been made predominnntly in
Germany, but also in the former Dual
Monarchy, Italy. France and Russia
and the yield thercfrom may now be
quite negligible. while their capitaliza-
ton becomaa imnoaajhl~ In ri.u, - . ~