Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-23
Improved Sentiment Is Noted
in Financial CenterS
of Europe.
OCTOBER TRADE GAINS
ARE WIDELY REPORTED
General Commodity Situation
Stronger-Move for Easier
Credit Aids Outlook.

+ NEW YORK, November %. Gable
dispatches to the Business Week give
the following survey Of business abroad
for the week ending November %:
Underlying conditions, prospects for
the business future and present SEN
timent in most lines of business con-
tinue gradually to improve. Here and
there improvement has already been
translated into actual gains, though
business as a whole is quiet. The
brightest feature in the entire outlook
Is the marked increase in October for
eign trade in all foreign countries
which have so far reported. This en-
couraging pickup of trade is diStin-
gutshed by large raw material imports,
with a Few gains in export Of manufac-
tured goods. Except for the weakness
OF copper after the recent price squirt,
commodity markets range from quiet to
strong, as in the case of rubber and
Tile coal and metallurgical industries
are still at low ebb, but manufacturing
is somewhat more active. Textiles, rub
Der and engineering industries are lead
ing in this new move.
Money markets are momentarily fea-
tureless. France has ceased Withdraw
ais Of foreign deposits, which has helped
the easing Of money on German mar
kets. England IS marking time await
ing further developments respecting the
expected war loan conversion. Ex-
changes are quiet. The only important
loans are the Kreuger & Toll loan of
100000 to Poland against the 20
year extension Of the match monopoly,
and the rumored extension Of an $8,000,-
900 acceptance to Rumania from
France. Bankers look on this initial
loan as the forerunner Of a more sub
stantial farm mortgage loan to Rumania.
Credit Extension Move.
opment Of the week Is the move which
has been made by the International
Bank to extend rediscount credit
through certain central banks from
ninety days TO- four and I'VE months.
Obviously this move Is intended to bene-
At especially eastern Europe, where
existing credit facilities are limited
largely to ninety days, though longer
term credits are badly needed.
In Spain, another strike has broken
out, the strikers eSpouSing the cause OF
democracy in opposition to dictator
ship and the monarchy. Dramatically
its maturity in Poland this week, where
farcical elections established Marshal
Pilsudski In virtual control Of the par
liamentary machinery. On the whole,
business Is inclined to welcome this
strong central authority in Poland as q
sign for the good. Since the re-estab-
hshment Of Poland as q nation and q
republic, its essential weakness has been
its failure more rapidly to realize on its
immense natural resources. This, 1t Is
recognized, has been due to internal
political disintegration. Whatever Pill
Sudski's methods in placing himself in
power, his administration is expected
to be directed toward internal economic
consolidation and firm, but moderate
policies toward Germany and Russia
and toward the problems of national
minorities within the country proper. 1t
Is interesting to note that PilSudski'S
achievement of control comedies with
the expiration of the services of Charles
Dewey, for six years American financial
adviser to Poland.
Chancellor Bruening, in Germany, is
affording the finest display Of national
leadership Of any statesman in Europe.
He is forcing consideration of his 80 in
terlocking bills, designed to establish
budget equilibrium, before the Senate
so that they may be presented to the
ReichStag as a coordinate whole when
that body reconveneS on December 3.
Meanwhile, remarkable progress is being
made in reducing Internal prce levels,
which are to be followed by proportion
ate reductions in wages and, it is hoped,
In the inconsistency high farm tariffs.
Germany's Position.
If successfully carried through, this
Will constitute the first example In
modern history of a co-ordinated seal
ing down Of relative values by deliberate
design and imposed management rather
than by q destructive interplay of I'M
controlled economic forces. In the case
of Germany such achievement strikes !
since, under the post war reparationS
burdens, Germany Is more than ever
dependent on her competitive export
ability.
England Is facing this same issue of
real versus monetary wages. Rail wage |
agreements expired November IL. Re-
duced hours in the mining industry be- |
come effective December /. Both rail-
way managers and coal operators claim |
that wage reduction is essential. Labor |
Is expected to resist, to point out that |
living costs are down but per cent |
below year ago though the wholesale |
average has dropped 10 per cent.
In France, the Tardieu government |
has met and successfully survived the |
long gathering political crisis. France |
is unquestionably entering a period Of
economic stress from which the rest |
Of the world shows signs of con-
The second economic conference has j
opened at Geneva with 20 European
and 6 foreign nations represented, but |
whereas many commerce ministers at
tended the first conference, the present |
delegates are primarily secondary Of
flcials. The object Of the conference is
to promote agreement on the tariff !
truce and treatment of foreigners. Or
iginal conventions were drawn up last
Spring, but are still unratiaed by the
of signers. OF equal impor-
lance Is the joint proposal from the
Balkan and Eastern European countries
that the blanket Interpretation Of the
INSTRUMENTATION clause be modified
TO permit regional derogations. It is
doubtful, however, If the conference will
achieve more than academic significance
since under prevailing unsettled world
conditions many attempts to evolve
q uniform and binding world trade
policy limiting the freedom of action
Of individual countries would appear
premature.