The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-01-01


nomic progress during the past
year and the conditions are very
favorable to continued progress dur
ing 1928. There are in exception
three or four states in Europe which
give continued anxiety, but these ex-
cepdons should not obscure the pro-
found forces of progress elsewhere
over the whole world. In the main
even in these areas of uncertainty
the difficulties are to large degree
fiscal and political rather than COM
mercial and industrial.
Gained "a Stability
During the year the world generally
has gained in social stability:
Bolshevism has greatly diminished
and even in Russia has been replaced
by a mixture of socialism and indi-
vidualism: at least 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 be-
gan; production has increased greatly
during the past year; unemployment
4 is less in world totals than at any
81 time since the armistice; international
x1how pretty generally purchasing its
commodities by the normal exchange
of services and goods, a fact which
in itself marks an enormous step in
recovery from the strained move
ments of credit and gold which fol-
lowed the war.
In our country unemployment has
ceased to be a problem and we are in
deed upon an economic level of COM
paratively great comfort in every d.
rection except for the lag of recov-
cry in some branches of agriculture.
Even in this field there has been a
distinct improvement in prices in the
past Twelve months and its troubles
are mostly due TO over production in
some lines.
Savings at High Levels
Our manufacturing industries are
engaged well up TO the available labor;
industrial production has enormously
increased over last year; real wages
and savings are at a high level. Our
transportation and housing show
great gains in construction, though
we are Yet behind in these equipments.
Both our exports and our imports are
again increasing after the great de-
preston and are today far above pre-
/ war levels.
Outside of Europe the whole world
fas shaken itself free from the great
after-war slump. The economic
wounds of Asia, Africa. Latin Amer
lea and australia from the war were
more the sympathetic reaction from
slump in the cOInbatant states than
direct injury. Their production and
commerce have recovered to levels
above pTe-war. The enforced isola-
ton Of many areas in Latin America
anu Asia during the war has strength
ened their economic fiber by increas-
ing variety of production and has con-
trihuted vitality tC their effective re-
covery.
approaching Par"
In Europe. England. together with
III ..I neutral nations. are making
steady progress in production and
diminishing Unemployment. Their
trade and commerce. are improving;
their governmental finances are grow
ing =-.C-s srr, their c'Irrvncies that are
not already on a gold basis are stead
lily approaching par, and their ex-
changes are more StaDle.
The combatant states on the CONT
nent are slower in recovery. Even
these nations, including Russia, have
shown progress all along the line in
commercial. industrial and agricul-
tural fields. although the harvests suf-
fered in some spots. Some of these
nations. such as Italy. Belgium, the
Baltic States. Poland, Czecho-SlovalSia
and Hungary. show increasing Ool.ti-
cal and social stability and improve
ment in their governmental finances
In Germany and some minor states in
southeastern Europe. governmental
finance and political difficulties threat
en- to overwhelm the commercial and
Industrial regeneration already made.
Political Uncertainty
The continued maintenance Of
armies on a greater than pre-war basis
in the old allied states maintains po-
ntical uncertainty. lowers productivity
and retards the balancing of budgets
with consequent cessation of direct or
indirect imitation.
Disarmament and the constructive
settlement of German reparations and
the economic relations of States in
southeastern Europe are the out
standing problems of Europe and their
adjustment to some degree will affect
the progress of the rest of the world.
The more general realization during
the past year of the growing menace
of these situations and the fundamen
tails that underlie their solution is in
itself some step toward progress.
Their solution would mark the end of
the most acutely destructive forces in
the economic life of the world which
still survive the war.
Economic forecast cannot amount
to more than a review Of tendencies
and a hazard in the future.
The odds are favorable for 1923; the
world begins the year with greater &C.
onomic strength than year ago; pro-
duction and trade are upon a larger
and more substantial basis. with the
single exception of the sore spot in
central Europe The healing force of
business and commerce has gained
substantial ascendency over destruc-
tive political and social forces. There
Is ample reason why there should be
continued progress during the next