The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1923-01-24
GENERALE EUROPEAN
CROP CONDITIONS

Any discussion of conditions abroad
leads inevitably to a consideration of
the situation in Germany, as that sit
uation continues to exercise a domin-
ating influence upon the finances and
the economic well being of Europe.
The Generalization of the people in
creases as the difficulties of businessj
and industry and current living are
emphasized by the almost hopeless
currency conditions, states the current
issue of the Guaranty Survey, pub
lished by the Guaranty Trust Com
pany of New York. The diminution
of initiative and industrial efficien-
cy Isl very marked in Germany.
In the coal industry, for example,
the Survey says, the output per miner
is now only 60 per cent Of the pre-
war production and less coal is mined
than before the war, although the
number of workers is 100000 greater.
A similar record of reduced produc-
ton is Seen in agriculture, in which
the output is only twO-thirds of the
pre-war volume. Germany formerly
exporter sugar, but is now compelled
to import considerable amounts.
! Four hundred thousand more workers
are employed IN the railroads and in
the postoffice service, although bust
ness is less than in 1913. Such facts
would seem to indicate that much
codld be done to improve the eco
nomic situation if the will to greater
effort cOT1ld no aroused.
Numerous proposals for stabilizing
exchange are being brought forward,
implying the fixing of a definiate rate
in accord with the internal purchasing
power of the currency and the posi-
ton of external exchange at the time
the rate is put into effect. There is
sufficient gold in the Reichsbank to
support completely the existing issue
of marks at a fixed rate of perhaps
500 paper marks to one gold mark.
A much smaller ratio could probably
be sustained, but such action would be
futile unless initiation was definitely
checked and the government budget
brought into reasonable balance.
DtPdldIiOuS are diSO 50 ClOSClg It,
lated to interallied debts that the
need for some adjustment of the latter
is obvious. Even if it Isl admitted
that Germany's own effort to meet
her obligations has been inadequate,
! the present situation is such that
without aid from outside sources her
debacle will continue. The restoration
- &c DrOSn 4r;frr in I'll of E,,Tooo matte IN
| the satisfactory settlement of this
problem.
British trade has found some en-
enlargement in the fact that foreign
e commerce is holding its level, al.
I though the hoped for improvement
n is slow to come.
Makers of textile machinery are
d enjoying a very active market. ThS
q general engineering trade is quiet anC
the marine engineering section dull
n Conditions in the iron and steel trade,
n are believed to be improving. Tn,
# most difficult situation is presente'
by the continued unemployment O
more than a million and a quarter
workers, and the number shows
a tendency to increase. 1t emphasize
d the need of such economic and finan
cial sterilization in continental En-
rope as will restore markets an
stimulate the demands upon BIRTHS
industry. The burden upon the stat
= for the support of this large numbe
of idle persons is a heavy one.