The Washington herald., 1922-06-11
BRITAIN BUSINESS
BOOMS ASSTRIKES
HALT;RATES FALL
Heavy Revenues and En-
ployment Increase
Optimism.

General optimism in England, es-
pecially in regard to the govern
ment's financial position. is report
ed by Commercial Attache Tower,
cabling to the Department of Com
merce.
Ofncial returns show that since
April l revenue has exceeded expen-
ditures by f2I.750.0O0. The revenue
receipts and expenditures for this
period are f15.oOO.oOo and f5s.ooo.- =
900 lower, respectively, than for the
corresponding period Of 1921. The
same items for the week ending
May 81 were flO,4s2.oOO and f7.-
560.400. respectively. The reduction
Of a shilling in the pound in the
income tax has had a decided effect
on business.
Money Abundant.
Money is abundant. and the rate
of interest low: the present bank
rate being 4 per cent. On May 20
a release Of the funds as provided
for in the railway act of 1921 and
allocated to the companies provided
large sums available for short-time
loans Floating supplies of credit
abounded and balances were offered
at / per cent. Foreign exchange
experienced a steady increase. At
the close OF the month the pound
sterling sold at approximately
s4.45. the record rate for the past
two years. 1t is not as yet evident
that this condition has precipitated
a general buying increase from the
United States. Tenders for treas
ury bills and treasury bonds have
been heavy. enabling the govern
ment to finance it's requirements
On much cheaper terms. There has
been a general expansion OF busi-
ness on the stock exchange. which.
coupled with a decreasing yield on
rilt-edCed securities. has widen ed
the field for speculative invest
ments.
Announcement has been made
hat the export credits department
of the board OF trade will be closed
as from September 8. Up to May 1,
guarantees for about f15.o0o.O0o are
quoted as having been sanctioned.
The largest single items registered
are the electriication projects of
me Southeastern and Chatham Rail-
way for fs.50o.OOO. and extensions
and improvements Of the London
UNDERGROUND Railways, amounting
70 $4,000. 900.
Unemployment and short Time.
The number OF persons unem-
ployed on May % was 1.514.200. A
portion of the decrease which this
figure reflects as compared with the
number for the preceding week was
due In small part to the temporary
exhaustion OF BENEFITS. Short time
workers have been reduced to
10000,
The successful settlement Of the
strike Of shipyard employees and
their return to work on May 8
helped shipping conditions consid-
erably. The court Of inquiry has,
however. been unable as yet to ad-
Just the engineering lockout. The
present indications are that the
matter will be settled satisfactorily
Considerable furry was occasioned
by he threatened lockout OF cotton
spinning mill operatives in the
First notices ere served about the
lils'idlC VI III HlpHlU.
Wages IN the coal industry were
lowered in consequence OF the lull
in home trade. This precipitated nc
manifested discomfort.
Industries and Production.
Coal production for the three
weeks ending May 90 amounted to
4.515.6O0 tons. Up to a few days
before the close Of the month the
export demand remained good. but
home trade was dull. Bunker coal
shipments to the United States have
been negligible. Large contracts
for shipments to Germany were
closed during the month.
The general situation of the iron
and steel industry remains un-
changed.
Proposal for a huge amalgama-
tion in the textile machinery max
Ing industry has been proposed, but
reports concerning definite de-
velopments or the names of COM
panies involved are not at hand.
The Strengthening Of prices for
cotton goods caused a lu11 in buy
Ing during the last week of the
month American patent leather is
displacing the German product in
the British market The imports
Of lumber are Increasing and prices
are strengthened due to greater
consumption. Reports indicate that
domestic business is livelier, but il
Is doubted whether the increased
activity will continue after the
Whit Sunday holiday.