New-York tribune., 1922-01-02


agricultural. forestry and food ;ndue-
tries. Trade between Germanr and
Alnerlca particularly showed a laroe
E'owth' Germany exporting to America
~ November alone goods valued al
1iS.FIy o.Vo0,OO0,o00 malksx-includinp-
- ..''oo'Vuo,ooo marks worth OF dyca-and
H,mt'l0a exporting TO Germany during
'""' month goods valued at $24,236 900.
Trade Advances
puring the year Germany made good
auN " anccs III renewing her trade with
lhe East and South. Trade agreements
"erc concluded TIL Portugal. 1upo-
HIaVis and Russia. 1t appears certain
mat Germany and Russia have do.
veloped close contact for the next
t"elve months. During the last wear
Nussla actually delivered respectable
Tuahuues OF fish. caviar, goatskins and
Vr'enla rugs SO Germany, in addition
20 placing orders here for 900. 900 900
marks worth of goods.
Iaft cularly good progress was made
III inc German shipping industry in an
effort to rebuild the German merchant
marine, wiped out by the Versailles
'featy. The progress made II, this d.
rection was recently indicated in The
Ir bNne. The visits just made "a the
northern ports by the Tribune corre-
SSpondcnt showed nearly all shinvarde q
ouailY engaged, while The transforma-
tion OF former naval yards to poacc
WORK was almost completed
me banks, the Boorsc and financial
ihstltut!ons IN general developcd nm
eNpected activity during the year. pnr-
Ucularly III the last three months. vnen
CANDcllUn ,1o@ t..,,
cen decline of the mark, assumed trc
mendous proportions While this snec.
ulAtion iinally brought heavy losses, re-
tultlhg ultimately in serious difficulties
20 many banks, it is none the less Inc
true foundation Of the banks prosrnr-
,ty because OF the expansion of ma
7'onal trade. Sufiicieu; nrecaut;ouar,.
measures, it is understood. have Lee,,
instituted now and then TO guard tbr
accurlty OF the banka against furfhc,.
N'oie't exchange fluctuations.
Iron Market Active
Inc situation in the German ;ro,,
market IS gauGed by She increasinrjv
NVely demand At The end of tho vrn,'
WIN considerable shortage beinc fnlf
III view OF Germany's loss Of ne Saar
piouuctlon, wit, prices CONSTANTLY in
cfeaslng because OF the rise IN frejghf.
rates coal and coke, as We'll a. sharp
lorelgn competition. Is is impossiblc
20 SPEAK OF the large increase in iron
:"porla. On the contrary the foreign
ron market, particularly in Belgium.
mas oeen benefited recently by the rise
OF the mark 49,
Coal production showed Il consider.
able increase during the year. go;n,
%pove the pre-war figures despite Ger
Imranys loss Of extensive coal fields.
flt Goa! production has failed 10 reach
'ne requirements Of deliveries ia Tho
Alnes, however, and Germany's loss NJ
'hc Upper Silesian fields is expected 10
result in big hardships 70 the countrv's
inland demand next year.
80 1ar AS prices in general arc cor.
eerned, there has been an increase al
on 10 - per cent, only the closing
weeks Of the year Indicating a return
downward. Tho toy industry, while
showing progress in thc domestic mar
ket' has found considerable difficulty
~ export, duo 10 tariff barriers placed
oV iorclgn countries. The Fordney
'arin act III America. the German rcp-
Sratlons act IN Great Britain and fhe
Iigh tariffs of france, Belgium and
Szccho-S Slovakia have made TIC nxnn,+
OF German toys difficult, leaving IIol-
AAE
Sugar Shortage Is Ended
Inc 1erman harvest OF 1921, while
aboVo mat OF 1920, remained below that
OF i9l3. Grain production. for OK
ample, WAS 9.732,40S tons, as compared
with 1s,l1d,S9l tons in 1918. Sugar
production showed an increase of II
per cent over 1920 the total boinf- 1.l50.-
UUO,Ucu kilograms, as compared with I -
Ooo,00O,0o0 in 1920. II is no longer
possible to speak of sugar shortage
in Germany.
In conclusion. few figures concern,
Ing the nations finances NAV be inter
esclng The close OF the year showed
nearly 1l7,0OO,000, 600 paper marks if
circulatlon, backed by only 1000 900 600
goid marks IN the Keichsbank. The
COVE rnment's expenditures were 233.-
9eo, ,OCV,O 900 marks, as against receipts
or t@,42 600, 200, leaving q deficit of
61,54l.Oo0,0 900. The eovcrnmcnt5s float
ing debt at the end of the wear WAS
240,000,00 marks.
Germany's outlook for 1922 dcpcrds
entirely on the solution of the rcpara~
tlons problem. Further decline Of the
mark unquestionably VIII bring d stop-
page of German industry and great
growth OF unemployment, with al the
consequences that these imply. In
financial circles it is feared that the
mark viii show another considerable
decline, st least in the first few weeks
OF the year. for even ii reparations arc
radically reduced, the payments which
Germany apparently will be compelled
to make IN January and February will
be bound TO produce an unfavorable re-
action. Some well-informed observers.
however, expect to see the mark back
at 900 at the end Of January.
Weeks Bond Market