The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-12-24
BY WEBB MILLER
United Press stan Correspondent

Copyright. 1881. by United Pressl
BERLIN, Dec. 24.-Germany's
trade barometer for Novembec
showed her to be in healthy condi-
ton, while the efforts of the lead
ing f1nanciers of the world we're
directed toward saving her from
economic ruin.
Germany's trade balance for the
month was the largest in the world.
A trade balance usually is accept
ed as the barometer of a nations
economic health. And white the
barometer registered favorable
condition, the following events-to
some minds no doubt paradoxical-
were in progress:
Twenty-Six representatives Of
banks in the United States and
Europe were struggling here to de-
wise means to prevent Germany
from falling into insolvency
through inability to meet short
term debts totalling 11,000,000,000
marks ($2,620, 100000.
The government was propping up
Germanys banking system by i'm
posing an economic dictatorship re-
sembling economic martial law.
Lead Half ThrOttIed"
The Young plan advisory COM
mittee meeting at Basic to in
vestigate Germany's capacity to re-
finFNc no TTf11nF0fc offoT
expiration of the Hoover moratorium
was flooded with figures designed
to show Germany's incapacity to
pay.
Then the November trade returns
we're issued showing that for the
first eleven months of 1881 Ger
many's excess of exports over i'm
ports was more than double that of
the United States and that her
favorable trade balance for 1881 had
reached the staggering total of 1884,
10000 marks 1867, 1884 300 despite
the unprecedented world economic
and financial crisis and the con-
sequent general contraction of in
ternational trade.
And this astonishing result was
achieved with Germany's vast in
dustrial machine running at half
capacity and with 100000 Ger
mans unemployed.
1t is only one of the many para
doXeS raising unprecedented eco
nomic problems and causing inter
national economists and f1nancierS
to hold their spinning heads.
Built on Borrowed Money
BY borrowing some 100000
marks in long and short term
credits, mostly from the United
States and England, her chief COM
petitors in international trade, Ger
many has erected the most modern
and efficient industrial organism in
the worlds history.
Even with the machine running
at half capacity, Germany is able
to "out-export' the United States
and England.
For example, in November, de-
spite the fall of Is per cent in her
export surplus, Germanys favor
able trade balance was one-third
larger than that of the United
States for the same period.
World economists recognize it as
automatic that Germany must ex-
port heavily to repay the money
.she has borrowed, the interest on
her credits, and her reparationS.
If Germany can achieve such re-
suits at the most unfavorable time
in history for international trade
and with her industrial throttle
only half way open, world econ
omists we'll may wonder what will
happen to the international trade
of America and England, who adj
vanced the money to perfect this
machine, when Germany really
opens the throttle.
Exports Declining Now
Through the latest of a series of
emergency DEGREES Germany is
forcing down wages, rents, inter-
est and general costs of operating
the industrial machine, which will
lower the cost of production and
better enable her to compete IN
the race for international trade.
Half paralyzed, the German ma
chine in November turned out ex-
ports valued at 748, 100000 marks
without considering home consump-
ton.
Various nations already have
taken protective measures against
German exports, which German
economists foresee will reduce ex-
ports progressively. The Novem-
Der export figures, compared with
the previous month, showed heavy
declines such as a % per cent de-
crease in exports to Argentina; 81
per cent to India, and from 10 to 16
per cent to France, Italy and Cze-
cho-Slovakia.
But October's total surplus was
a postwar record, 6.000,0 900 marks.