Evening journal., 1923-01-01
HOOVER SEES
ROSY new YEAR
Issues Optimistic Survey of
World Progress in Trade
Past II Months
HOPES FOR ACCORD
ON PREPARATIONS

WASHINGTON, Jan. 1.--An econ
Omic review Of the world for the
year Just ended and forecast for
1928 was issued yesterday by Her
bert Hoover, Secretary of Com
merce. The review recounts prog
ress in the restoration OF normal
business conditions in most sections
OF the world and the forecast speaks
hopefully of the prospects for fur
ther progress in that direction in the
year beginning tomorrow.
The menace Of Bolshevism. Mr..
Hoover states. has subsided in the
12-month period reviewed by him,
and even in Russia has been dis
played by a mixture OF socialism and
individualism. Famine and distress
are held 10 be less pronounced than
at any previous time since the end
ing Of the war. In the United
States the unemployment problem
has been solved, and our foreign
trade is describing an upward curve.
Everywhere but in Europe the world
has shaken itself free from the great
after-war slump the Secretary of
Comm cree asserts. while in Europe
England and the neutral states have
improved. ically.
THE odds for 1928" he conclud-
ed. ARE favorable. Phe world be
gins the year with greater economic
strength than year ago"
Mr.. Hoovers optimistic forecast
for 1928 was echoed by the United
States Chamber OF Commerce. the
Shipping Board and other agencies
in touch with the country's business
condition. The Chamber of Com
merce made public the report OF its
committee on statistics and stand
ards declaring business generally TO
be on the upward trend.
Mr.. Hoover's statement follows:
I'm the large view the world has
made distinct economic progress
during the past year and the cOndi-
tions are very favorable to continu-
ed progress during 1913. There are
in exception three or four states in
Europe which give continued snx-
AEkAs Uut lfltEt 6NCRAA0AAH SAA0AAA @aN~
obscure the profound forces OF prog
ress elsewhere over the whole world.
In the main, even in these areas OF
the troubles are to
large degree fiscal and political rath-
er than commercial and industrial.
During the year the world gem
orally has gained in social stability.
Boishevi has diminished greatly
and even in Russia has been re-
placed by a mixture of socialism
and individualism. Active war has
ceased for the first time since 1914;
famine and distress have diminished
TO much less numbers this winter
than at any time since the great
war began. production has increas-
ed greatly during the past year; un-
is less in world totals
than at any time since the armis-
tice; international commerce is In
creasing; the world now pretty gem
orally is purchasing its commodities
by the normal exchange Of service
and goods. a fact which in itself (
marks an enorm Gus step toward re- !
covery from the strained movements /
OF credit and gold which followed /
the war.
In our country unemp mployment !
has ceased to be a problem, and we !
are indeed upon an economic level /
OF comparatively great comfort in
every direction except for the lag Of
recovery of some branches of agri-
culture. Even in this field there has
been distinct improvement in
prices in the past 12 months. and its
are mostly due to over
production in some lines. Our man
industries are engaged
we'll up to the available labor; in
lustrlal production has increased
over that Of last year;
'eal wages and savings are at a
high level. Our transportation and
louslng show great gains in con-
truction. though as yet we are be- s
lind I'm these equipments. Both our
IMPORTS and exports again are in
easing after the great depression,
md today are far above the pre-
var levels.
"Outslde OF Europe the whole
world has shaken itself free from :
he after-war slump. the economic ;
of Asia, Africa, Latin Amer {
ca and Australia, from the war
we're more the sympathetic reaction
rom slump in the combatant states
han direct injury. Their produc-
ion and commerce has recovered to
evels above pre-war. The enforced =
ISOLATION of many areas in Latin (
America and Asia during the war {
las strengthened their economic A. Z
er by increased variety of produc-
ion and has contributed vitally to ;
heir effective recovery.
In Europe, England, together I
With the old neutral nations are 7
making steady progre,s in produc- i
ion and diminishing unemploy- s
lent Their <ade and commerce ]
re improving, their governmental S
nances are growing stronger; their q
urrencies that are not already on ]
gold basis are steadily approach S
lg par. and their exchanges are a
lore stable. The combatant states g
n the Continent are slower in re- r
overy. Even these nations. includ- e
~ Russia, have shown progress all g
long the line in commercial in L
ustrial and agricultural fields, al u
Rough the haryests. suffered in S
,me spots. Some OF these nations s
ich as Italy. Belgium. the Baltic n
ates. Poland. Czecho-Slovakia and Il
ungary. show increasing political s
nd social stability and improve
ent in their governmental finances. a
Germany and some minor states t,
Southeastern Europe govern T.
entail finances and political diff 1