Evening star., 1925-01-01

situation in France. Italy and Belgium
shows steady improvement during the
year Some progress Is being at
tanned in these countries toward re-
duction of expenditure and increased
taxation. directe dtoward the better
balancing of budgets and more stable
currency. Poland has stabilized her
currency. Jugoslavia, Finland. Serbia
Esthonia, Lithuanis. Sweden and NOR
way show manifest stability In
economic and trade conditions and
steady progress over preceding years;
"The Netherlands, Denmark ano
Spain show some temporary depres-
sion during the year, due to local
conditions, which are improving.
Austria, Rumania, Bulgaria, Hungary
and Turkey do not show the rate OF
progress of some OF the others. Rus
sia makes no real advance. A large
part of Europe, however, continues
dangerously overarmed, and cur
rencies are not yet upon that founda-
ton of stability which will only be
reached when they are placed upon
gold basis.
Latin America Prospers.
"The year has been one of steadily
increasing prosperity for the whole
of Latin America despite three revo-
Iutions. Our sales of export goods
over the previous year OF about IL
per cent. We now enjoy the highest
trade with them in our history.
THE conditions in Egypt, south
Africa, Kongo and other parts of that
continent show steady improvement
with increased productivity and trade.
In Asia the situation in japan marks
the courageous upbuilding from the
earthquake disaster. China Is much
depressed by continued civil war.
Conditions in India, in the Middle
East, have shown a steady economic
improvement and subsiding OF polit-
ical and social agitation.
1T has been suggested in some
press quarters at home and abroad
that the result of these favorable
factors may be leading our country
toward a period of imitation of the
character of 1920 with it's disaster
of 1921. 1t can be assuredly stated
that we are on the march Of whole
some recovery from the war, and
there is no present indication of in
nation. We secure imitation only
when undue expansion Of credit finds
its outlet in bidding up prices after
the plant and labor capacity Of the
country is employed to the maximum
still Have Labor Margin.
I'VE have reached no such stage
because there is still a margin of
abor capacity for enlarged output in
the form, however, OF more full-time
emplo oyment than from people out of
work. AS a nation our business men,
bankers and public officials have
gained enormously during the past
four years in understanding of the
basic factors which create healthy
prosperity as distinguished from over
expansion as well as In understand
ing of their responsibilities in the
matter.
Our International services are
now upon such basis as quickly de-
tect dangerous currents. 1t might
be added that a holiday season when
any one might think about safeguards
from overexpansion is infinitely more
comfortable than one fraught with
negative problems of repair of eco
nomic depression.
Altogether forces in motion both
at home and abroad mark solid prog
ress toward peace and toward pros
perity for the coming year"
Secretary Davis statement reads as
follows:
Begin Year Confidently.
I'VE approach the new year with
confidence and gratitude. In no other
country in the world has progress and
prosperity reigned SO generously as
in our country.
The American worker has been
very steadily employed at good wages
and our business enterprises on the
whole have been prosperous.
The Cancellation Service of the de-
partment is being used more and more
toward the prevention of strikes and
lockouts by bringing the contending
interests together into joint confer
ence, where wisdom and experience
guide the conferees in solving their