The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1922-12-27
FINANCIAL and BUSINESS SURVEY

The recent general election in Eng
land, contrary to expectations, had no
appreciate adverse effect on British
commodity markets, which continue
in the majority of cases to give the
impression of better trade conditions,
tanned in the current issue of the
Guaranty Survey, published by the
Guaranty Trust company of New
York.
It would appear that the temporary
disorganization to trade of a general
election is welcomed, the Survey says,
if thereby the domestic problems of
trade and industry, of finance, econ
omy, unemployment and social reform
receive the immediate attention of a
strong and Representative government,
and if a settlement is reached with
regard to the vital questions D
rations and interallied debts.
Board of Trade returns have been
on the whole satisfactory and reveal,
IN several instances a welcome expan-
sion in exports of manufactured ar
ticles. The output of British coal re-
Gently reached the highest point for
the last three years, production
amounting to 5,355,OOO long tons;
prices remained firm, and the export
demand good.
Germany.
In Germany the exchange value of
the mark has reached new low levels
and the difficulties which confront
those industris dependent upon sup
plies of raw material from abroad
are becoming more acute week by
week. The attempt to control trans
actions in foreign exchange has not
proved successful, having had no eff
feet in checking the downward course
of the mark. Prices are continually
increasing and higher wages and sal
aries are being demanded.
1t is reported that in various parts
OF Germany barter is replacing the use
Of money; for instance, the Weimar
Board governing the agricultural
schools of Triptis and Marksujl has
fixed the tuition for the winter term
N rye instead of money, and the
Saxon T~huringian Power company at
Auma has announced that it will
gladly receive instead of cash ten eggs
three pounds of wheat flour. or a
quarter of a centner of potatoes for
each kilowatt hour of electricity con-
sumed.
The cotton industry is suffering at
present more than almost n in
dustry from a dearth of capital and
credit. The Wholesale trade in raw
cotton is falling away considerably.
Belgium.
The Brussels office of the Guaranty
trust company reports that political
events and the closing of the eastern
market at first weighed heavily ON the
general situation of industry in Bel
GUM; however, the solution which has
been found to these questions is re-
moving hesitation and restoring con-
fdence. This confidence is not an
mixed with anxiety, as, although the
rise OF the pound sterling strengthens
the position of the Belgian market for
export, it induces reserve among pro
ducers as well as buyers. The pass
ing OF the McCumber- Fordney tariff
Dill In the United States is a factor
which naturally concerns the Belgian
producers. The general situation, how
yer, is gratifying.
Conditions in the collieries are ex.
cellent and the revival which was fore.
told IN a report recently published
IN the Guaranty Survey is emphasized
and the market is now very brisk. The
Belgian glass industry seems to BE-
enjoying unprecedented prosperity
the situation IN building is very good