Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-14
SEASONAL PICKUP
NOTED IN SURVEY
OF FOREIGN TRADE
Irregular Trends Occur in
Some Lines, but Apathy
Is Passing.
.FLOTATIONS OF BOND
ISSUES ARE EXPECTED
Iron, Steel, Hides and Leather
Industries Reflect Mild
Upturn.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 13.-Cable
dispatches to the Business Week give
the following survey of business abroad
for the week ending September 10:
EurOpe-It Is increasingly apparent
that at. least some degree of seasonal
pickup is making itself felt in prac-
tically all countries. Although tangi-
BILE evidence of actual improvement so
far is lacking. business sentiment is
distinctly freshening. Stock markets
responded during the week to the new
stimulus, and there was a decided
strengthening in all larger centers, par
ticularly in London. 1t may be OBJ
served, however, that these stock mar
ket gains were achieved within mar
row, chiefly professional, trading and
that no small part was attributable to
technical reaction from previous over
sold conditions. There are, however
numerous reports of the relaxation of
business tension from a state near
paralysis during the Summer to still
irregular trends varying according to
country and industry, and even to in
dividual enterprises within the same
category. The improvement is still
more notable by contrast with the pre-
ceding apathy than by any new
founded conclusion that business is
turning a corner. Nevertheless, with a
problematical Winter ahead, even small
gains during the Fall will increase the
ability of business to carry through to
a broader basis for the revival expected
in the Spring.
Banks incorporate.
Greater financial enterprise is also
noticeable in most centers with the be-
lief current that bond issues will soon
be resumed. Six European investment
banks have incorporated in Switzer-
land q fixed trust to be known as
Societe Internationale de Placements
(SIP), and will issue their own col
lateral certificates covering selected
securities in 10 countries. 1t Is. fur
Their proposed that an international
mortgage bank, which will take adj
vantage OF low-cost Western European
high-cost central Eastern areas of the
continent This would assist toward q
much needed redistribution of capital
congestion along the seaboard, parttcu-
larly IN France.
Great Britain-The return of opti-
mism noted in the last few weeks is
visibly gaining strength, although
actual evidence of improvement in trade
is still slight. The iron and steel In
dustry reports improvement, and there
is increased demand for cotton. Hides
and leather are also firmer, but wool.
jute and manufactured goods remain
quiet Wheat prices fell sharply this
week. Money is still easy.
Coal Under State Control.
Following the reorganization of the
railways, electricity, gas and broad
casting industries, coal, hencetorward,
will be under Stat control This reflects
the rapid progress which Britain is
making toward naturalization of its
major industries. Under the new plan,
industries are not controlled by state
bureaucrats but by their own execu
tives acting under state approval and
veto. Miners wages remain Snag,
the owners insisting that with reduc-
ton of working hours. December
wages must be adjusted downward.
Government departments are relying on
new marketing schemes plus improved
trade to make this unnecessary.
Following the decision of the trade
unions, at their conference in Man
chester, that free trade Is no longer a
rigid principle. and now that it is
known that certain Liberal leaders IA
justing internal price levels, ex-Chan-
cellor Churchill stated: There is a
measure of common agreement among
all parties that the tariff for revenue
on foreign imported manufactured
goods is bound to come" This is sig
nificant of anticipated political COM
promise on the question.
Business cannot go forward with the
usual confidence during the present
uncertainty of fiscal policy and efforts
are spreading to force either realign-
nf rNnr mr.
to force general election, the desire
being not so much to have a Tory
government as to have a government
with full parliamentary power for five
years. 1t is necessary for effective fu-
ture planning that business know future
taxation and import policy.
France.-The worldwide business de-
preston continues to cause persistent
decline in foreign trade with production
limited accordingly to the demands of
the domestic market. National bust
ness, however, still views optimistically
the coming Fall seasonal pickup and
general revival of activity throughout
the world. Premier Tardieu is uneasy
over the outcome of the budget appro-
priation because he is pledged not to
demand new taxes or to increase exist
ing rates. Expenditures already re-
queSted now exceed last years outgo
by $4,000, 900. After the annual con-
gress in october of the Radical Social
lists, strongest opposition, Tardieu is eX-
pected to try political Cancellation with
more than likely cabinet changes which
may make 1t possible to form new ma
jority and force tax increases, now OBJ
viouSly inevitable.
Foreign trade figures for the first
seven months of the present year have
been released, showing that imports from
Germany totaled $l84, 100000, an in
crease of $43 100000 over the total for
the first seven months of 1929. From
the United States imports were valued
at only $148 100000, a decrease of $22,-
600, 900 from the 1929 record. Exports to
Germany dropped $8.000,000, to 103,-
000,0 900; to the United States, they
dropped $17,000.000, the total value be-
ing only $58,000,0o0.
Germany.-The approaching elections
on September IA completely overshadow
as well as hold current business in sus-
penSe. Internal schisms among extrem-
ist parties lessen earlier fears that the
elections will strengthen the opposed |
Communistic and Nationalistic wings
and the prospect of a deadlocked par
lament which might result in the dec
laration of dictatorship Actually, the |
operating majority of the Bruening Goa
lition of moderate parties Is still dis |
tinctly uncertain. Business is puzzled |
in its attempts to reconcile conflicting |
electioneering optimisms with unchanged |