The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-12-11
FRENCH BUSINESS
HE%TATES WHILE
MARX FLUCTUATES
British. Coal Depression
bnsettles All Other
Industries.
AUSTRALIA GAINING
German Trade Increasing.
Scandinavia and ia
pan Suffer.
AUSTRALIA GAINING

-NfttFhinE To cane TO the Dt-
partmeHt Of Commerce from Com
mercial Attache William c. Hun
tinCtou. Paris. the debate in the
Chamber Of Deputies preliminary
70 the ls22 budget discussion re-
suited in the conclusions that No
new fiscal measures should be ia
ken, but that existing revenue
sources should be more thoroughly
Developed Tax yields for October
show 80 per cent increase over
September.
Business is cautious. the situa
ticr he Hg dominated by the course
Of theyGerman mark. Foreign trade
shows little relative change with
exports Of manufactured articles
still holding more than norma
portion Of the total. Coal produc-
tiun. continues to increase, while
production Of iron ore, pig iron and
steel decreases. Unemployment is
uninportant at present. Railway
freight traffic shows slight
slackeniRyg.
british Coal situation.
Although the price for British
coal for export has decreased, is is
still too high 10 create a sufficient
demand. the industry being in that
peculiar condition where surplus
Of coal is pilinC up on every hand.
while prices are still so high that
few VIII buy. says a report from
Trade Commissioner Alexander V.
Dye. London. Unemployment is a
natural result. and there is an ap-
peal on behalf of the miners
unions for government relief To
tide over the situation.
Taking the South Wales district
as an example. wages for the month
OF November were adjusted at a
meeting OF the South Wales Joint
District Coal Board at Cardiff on
November l on the basis OF the
auditors report. Wages will be
reduced almost to the minimum un-
der the recent agreement-that is
the wages will be about equivalent
to only 20 per cent increase on the
average earnings in July. 1914. the
exact percentage being 1895 per
cent on the 1915 standard rates.
Australia Gains Rapidly.
The recent sharp advance of the
exchange rate between New York
and London brought a correspond
ing Improvement in the Australian
rate The foreign trade for the
five months since July l has re-
suited in a very considerable ex-
cess of exports over imports for
the period, arising from large sales
OF wool and wheat and a mark I'd
-curCaiment OF imports. which has
replenished London balances so that
most of the banks are now selling
telegrsphic transfers freely. The
recent American loan of fl2.0OO.-
900 TO Queensland should also make
remittances easier.
Another promising feature is the
prospect that the present wheat
crop, the harvesting Of which will
be practically completed during
January. will be one OF the best in
Australia agricultural history. AL
though the preliminary estimate
placed the yield from the current
crop at $4,000 900 bushels. 1t seems
probable that the yield will be more
nearly in the neighborhood OF $780,
100000, or about equal to the yield
OF the 1851 crop. which, how
ever WAS about $500. 900 bushels
less than the crop OF the preceding
year. Last seasons wheat crop
b. yielded about 10000, 900 bushels.
The exportable surplus may be
roughly estimated by allowing 80
100000 bushels for domestic con-
sumption and seed.
Japan'< Commerce suffers.
The increase in the silk exports
at better prices, due partly to a
considerable shortage in the cocoon
crop of the present year. and the
revivsf--cr-the cotton industry have
brought some Improvement in the
economic conditions Of Japan, but
foreign trade continues to show i'm
portations in excess of the value Of
exports. In the estimation of the
financial department. Japan's inter
national accounts payable for the
calendar year will total at least
5oO.00o.00o yen. of which the excess
Of imports over exports in oversee
trades will reach about $50. 900. 600
yen for Japan proper. exclusive OF
7o.0oo.00O ven for Formosa and
Chosen.
Another large item is the pay
ment for British and French bonds
and other securities bought in con-
sequence Of the favorable exchange
rates and the slackness Of the do
mestic money market and industrial
stagnation The above gross ac-
counts payable will be offset by in
-visisle exports arising from ship
ping charges, remittances from
Japanese abroad. etc. to the extent
u about zoo. 100000 yen. thus leav-
inE an excess increase of Japan's
Observation-Disclosures to the rest of
the world during the year 1921 of
about 300.00OO0O yen. In view OF
these figures and the fact that from
January l to October 30 Japan i'm
ported gold and silver to the extent
II 136,s9p.00O yen. there has been
: growing desire on the part OF
many japanese for the removal OF
he EXPORT embargo on gold.
There is considerable difference
81 OPINION as to the result of the
withdrawal on December IS of the
present 80 per cent restriction on
The manufacture of cotton yarn, for
although the stocks on hand have
now been cleared to a great ex-
tent. there has been a considerable
Increase in the number. of spindles
n Japan during the last year and
half. and many feel that the
abandonment of the Limitation OF
production will result in a greater
surplus production than can be
=sported. On the other hand, the
pro1ts OF some of the mills, pri-
aiarily due to advantageous pur-
shases Of cotton. have been such
hat they have been able to grant
Increased wages to the extent OF
Increasing the cost about yen per
bale. Furthermore, the overhead