Evening star., 1932-03-13
BRITAIN HAS HOPES
| Of EARLY REVIVAL
IN TRADE POSITION
Recent Improvement IN ovs-
look Creates Optimism
Among Business Men.
DEPRESSION IN FRANCE
is APPARENTLY DEEPER
Italy and Germany Are Still Eesa-
ing Effects Of Unemployment
and Slow Markets.
Special Dispatch to The Star.

SPSSial OiSpdIcn 10 The Star,
NEW YORK, March 12.-Cable and
radio dispatches to The Business Week
give the following survey of business
| abroad for the week ending TODAY.
Great Britain.-Business is strongly
optimistic. Markets are active and IN
Vestor interest is sustained. In no 9TH
er country in Europe is there stronger
conviction that the tide has turned
nor mas any other country equal iusti-
fcation for this conviction. Unenn-
ployment In February declined. Stocks
continued to climb. New issues con-
tlnued to be oversubscribed. FOREIGN
exchange restrictions are gone. Re-
turns from the British Industries Fair
were very good.
France.-1n striking contrast to the
domestic indicators in Britain which
offer legitimate backing to the recent
burst OF financial activity French in
ternal conditions remain unfayorabIe
Unemployment rose further last week.
iron ana steel production is now IL
per cent below the December totals
81 per cent below figures for this time
last year. Not single index of bust
ness indicates yet that the industrial
depression has been checked.
French Pursue BRAND Ideal.
After several weeks of increasing ac-
tivlty, the Bourse reacted early in the
week, but recovered later. Ouotations
were up, and sterling and dollar ex-
cnange were slightly below Tuesdays
nlgn. Brands sudden passing has
had no material effect at home or
abroad. France for some time has
neen working toward his dream of
closer economic rapprochement with
Germany, which in turn may lead to
ms IDEAL OF political rapprochement.
Italy:-Ihough Italy is included in
most OF the mentions of countries likely
10 De aided by pending behind the
scenes" developments in Eurone the
business outlook is still depressed.
though the tone is steady. Stocks are
Iirm Notwithstanding a veritable eni.
oemlc OF dividend cuts, and the bond
market Is active Activity in new
issues has been resumed simultaneously
WIN the spread of investor interest.
IN Northern Europe.
When Fiat, always prominent, and
Socleta Elettrica del ,Adamello passed
tnelr dividends recently, it cast wide
spread gloom over the market. Now
Fiat has announced a 10 Der cent wage
cut, though pledging at the same time
tnat there will be no further dismissals
OF workers before September, 1888, at
least. Important units in the silk in
dustry are contemplating wage cuts.
but none has yet been announced.
Germany.-Only two factors are OUT
standlngly hopeful Unemployment at
the end Of February showed no increase:
stood at slightly over 5000, 900. The
reoiscount rate of the Reichsbank has
been reduced, aking it easier for bust
ness to secure necessary financing.
German Bonds Depressed.
Though Germany is distinctly aided
oy the renewal for three months of the
b. l. 5. credit to the Reichsbank. the
necessity OF meeting the required 10 per
cent amortization drained the Reichs-
bank of foreign exchange at a time
when 1t could i'll afford it. In the face
OF numerous more favorable prospects,
abroad the government is resolved. how
ever, to do its utmost to maintain a
favorable balance of trade, even If IL
means a ruthless throttling of the AL
ready closely guarded sales of foreign
currency to importers.
Bond prices have been depressea
again because Of rlmors, officially de-
MED, that the government contemplates
fresh statutory reduction of interest
rates on securities beyond those decreed
In the last emergency decree In Decem-