Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-16
Business Has Apparently Re-
covered From Alarms of
Recent Past.
BRITISH TARIFF POLICY
REMAINS undetermined
Bank Failures in France Prove
Unsettling Factor in Con-
tinental Situation.
Special Dispatch to The star.

Special Dispatch to The Star.
NEW YORK, November 15.-Cable
dispatches to the Business Week give
the following survey of business abroad
for the week ended November Is:
Europe Business has entered an
other lull following the recovery from
the alarms which featured September
and October, but any fresh forward i'm
pulse is lacking. The Imperial Confer
ence has closed without any accom-
plishment, leaving the question of fu-
ture British tariff policy and trade rela-
lions with the dominions indeterminate.
The German arbitral wage award
provides for per cent wage cut in
December, but defers the real cut of
another per cent till January. There
is wide satisfaction at the signal defeat
of the Fascist extremists in the recent
Austrian elections, but otherwise the
elections failed to improve the previous
incoherent political structure, which has
been responsible for the lack Of positive
economic administration in this small,
but geographically key country.
Spanish Gold Credit.
Spain is establishing a gold credit in
London and preparing similar credit
with the International Bank as a part
of the new currency sterilization pro-
gram. The step is thoroughly approved.
but arouses little enthusiasm since most
financial authorities think the move
should have been made long ago and
the recent disturbing effects Of peseta
depreciation avoided.
Announcement by the American Pc
troleum Export Association Of its dis
continuance of official prices Is inter-
aI taa nf q oil Wa
and has caused q decline in petroleum
securities on all markets. With the ar
rival in Europe Of George Harrison, Eu-
ropeanS are asking skeptically II Ameri-
can capital will rush in where European
loans fear to tread. These questionings
are based on rlmors that his visit is
connected with the organization in the
United States Of experimentation for
foreign credit.
Meanwhile, raw material prices. with
certain conspicuous exceptions, appears
unobtrusively to be stabilizing.
British Trade Irregular.
LOndOn.-Business remains indeter-
inmate with spasmodic jumps and re-
cessions In various commodities but with
no general Improvement. Despite this,
the morale is better and all sections are
imbued with a feeling that the slump
has touched bottom and that an upturn
is due In the Spring.
Politics continues to overshadow bus
mess. The Imperial Conference Is end
ing in a failure. No effect has been given
to the policy Of dominion preference and
the home government has been dam
aged by mishandling the opportunity for
better economic relationships. The In
dia Conference opened Wednesday TO
az eft
that dependency and whether there is to
be unified India or confederation Of
Indian states. All parties are pledged
10 further self-government by one means
or another Business Is not optimistic
that these deliberations will lead to bet
ter trade relationships during this gen.
Grafton.
French Bank Failures.
Paris-Business has been considerably
disturbed by the epidemic of bank fail
ures, but the difficulties now seem to
be under control and the episode prob
ably will be closed soon unless further
unexpected developments occur. Fall
ure Of the Banque Oustric and immo-
bilization Of the Banque Adams q week
ago has been followed by the closing Of
three provincial institutions and there
are fears that even the Banque d'Alsace
difficulties are the result of the coll
lapse of the Oustric credit pyramid
which has been developed to initiate
security values.
Apart from the troubles arising from
the financial difficulties which strongly
influenced business this week, the tone
is featureless. Industrial indices, now
available for September, show further
reductions of activity.