Evening star., 1932-10-02
Improved Trade Situation Is
Reported From England and
the Continent.
new GERMAN EXPORTS
QUOTAS TO AFFECT U. S.
French Loan Conversion Plan Meets
With Unexpected Success-Treas-
ury Obligation Small.
Special Dispatch 10 The Star


NEW YORK, October Gables and
wireless dispatches to the Business
Week give the following survey Of busi-
ness abroad for the week ending today:
London.-Business is more cheerful
this week. The strike of 10000 weav-
ers in the cotton district has been set
tied. The London busmen have settled
their dispute over dages and hours
without going out. The milk war is
ended. Conversion Is completed and is
highly successful
Settlement Of the textile strike follows
nearly four weeks of negotiations, dur
ing which 10000 weavers have been
out. Wages are cut in the final agree
ment more than 10 per cent. The
principal problem, and the real issue on
Whlch the weavers walked out, was the
Unemployment Of laborers who had gone
out on a previous disagreement and
whom employers refused to take back
Inns has been settled by a concession
from the employers.
Proposed Loan Conversions.
Markets have been generally quiet
this week. The money market is ex-
pectlng that the Australian conversions
VIII be offered early in October, to be
iolloWed shortly by the treasury issue
70 meet the war loan conversion. Both
are expected to be successful.
manufacturing industries are consid-
erably encouraged by the evident sue
cess OF the British trade fair which has
peen heid In Copenhagen recently. Ef-
iorts TO stimulate the Scandinavian
trade are expected to continue reIent-
iesSiy, now that the Ottawa confer
ence Is out of the way.
Despite Canadian worries. London
Goes not expect any serious Opposition
to ratification of the Ottawa records
Berlin.-The agrarian part of the Won
Papen plan has been promulgated under
strong political pressure from the farm
ers ana IN spite of protests from busi-
ness, which fears repercussion on Ger
many S exports and on the bond market
Inc new foodstuffs import quotas are
expected to affect s50,U00, 900 of i'm
ports, including American lard and
apples. Exact quotas have not vet been
negotiated with treaty states.
BY decreeing reduction in the interest
on agricultural mortgages for two
years without lowering the interest on
mortgage bonds, the Reich undertakes
to cover the loss for mortgage hanks
Ihese sacrifices by the treasury, COM
olned with $4,000 900 grant for re-
financing the central agricultural CO.
operative bank, represent a dangerous
drain on future financial resources Of
the Reich. y
The recent improved business senti-
ment Is maintained, despite partial set
bacKs. Numerous cases of re-emplov-
ment by utilizing Won Papen's pre-
tliunS are reported. There has been a
Iresn stimulus to business in the down
Waro readlustment Of credit charges
following the bank rate cut. and new
railroad orders.
Paris.-Preliminary results of the
French conversion indicate that the
operation exceeded even the most
optlmlstlc representations. Demands
from redemptionS amounted only to
approximately four billion francs. while
new subscriptions already total two
ollIlons, leaving the utmost amount the
french treasury must paw out enlIaI
10 two billions, or 21a per cent of the
total sum involved.
Seasonal Influences Waning.
Probably the most important new
oeVelopment this week is the French
eHorI 10 crawl out of the Franco
German trade treaty of 1927. which
especially during the past year. has
been the greatest factor IN creating
the French foreign trade deficit and
which even French quotas have been
unable to combat because of unified
tarrf rates. But now that Germany
Is proposing new quotas destined to
erect further cut in French exports,
France will be able to abrogate the
Franco-German treaty by claiming dis
crlminatory measures. This frankly is
only an excuse which has been desired
for long time.
Autumn seasonal influences are AL
ready waning The metallurgical in
dustries, after few bright weeks. are
again discouraged. The coal and coke
industries are anticipating a reduction
In working hours because stocks are
rising abnormally. Textiles have re-
lapsed to the blues and orders are stiIl
dropping away sharply.