Evening star., 1932-06-26
Markets Reflect Uncertainty
as Various Industries Pursue
HeSitant Course.
BRITAIN LAUNCHES MOVE
BY BUY HOME PRODUCTS
France Reports en- Increase in Un-
favorable Trade Balance for
Month of May.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, June 25.-Cables an
wireless dispatches to The Business
week give the following survey of bust-
ness abroad for the week ending TO-DAY.
Observation-Disclosures in Great Britain
are IN suspense. Trading volume on the
Stock Exchange has been moderate with
prices regular. Industrials were in
special demand during the week. Also
government bonds, which were unusu-
ally strong
Money is easy, and in slightly better
demand. The maket for new securities
mas quleted down. 1t is felt however.
mat any Kind Of international settle
activity. OA
Industrial production is still well be-
low leVeIs OF last year, but there has
been a fair demand recently for small 1I
oroerS IN both the textile and iron and
steei lines. Coal is in a less Favorable
condition. Shipbuilding is bad.
Steel Trade Innovation.
All business is interested in the inno-
vatlon which has been introduced into
tne steel industry by the Tariff Com
mission. Raw and semi-finished steel
mas been put under a 1914 per cent
tarln on condition that the entire in
oustry get together on a naturalization
and moderization scheme. If thev fail
70 cooperate, the tariff will be with
drawn. II they succeed they are prom
lsed adequate protection. Co-opera-
made.
Only slightly less interesting to Brit
lsh industry is the announcement that
britain Is to have a great new conner
Iennery with an initial capacity of
S,OOO tons a month. Copper ore will
come from Northern Rhodesia II is
expected in the copper industry thar
Great Britain, after the COMING con
ference at Ottawa will put a tariff on
copper to protect empire production
IL Is rumored that the refinery will soon
De supplemented by one which is to he
constructed by the Rio Tinto Co.
MEMBERS OF Parliament launched an
experiment this week. With goverr-
ment approval but without anv fornoa1
AID, they are appealing to private Cliff
zenS not to restrict personal expendi-
lures for items which. made at home
would give employment to many. II is
a., typically British appeal, and it Is
nkely TO win following. The connbi-
nation Of appeals to national pride
Wnlch started with the Buy British
campaign tnat was renewed last Win
ter' ana which viii culminete in the
PtopaganQa which is bound to come
with the Empire get-together. NAV bavs
a decided effect on British internal
trade. Ni'ei iie'
ParIS.-France, as much as anv other
country IN Europe, is under the in
nuence OF the many uncertainties tied
up Wlth the Lausanne Conference the
disarmament bargaining, tariff vor-
rleS. Germany's future, and gold
Markets this week reflected the m
certainty and were as featureless as thev
must be In week when no major de.
clsions or agreements are reached re-
iatlng to world problems.
Inc Bourse was soft except for Young
ponqs, which Spurted on hopes that
lausanne would not dissolve until some
oetVer-than-expected agreement was
reached ""'
With the bulk of its foreign gold
holdings called home, the Bank of
france gave sigh Of relief. Business
Ieaoers were less satisfied with the re-
SUITS. The trade balance is regularly
unfayorable. Foreign trade barriers
darken the prospect for any sound re-
covery in the future Franc exchange
is solid now but IL this heavily adverse
trend IN foreign trade continues for
long, 1t is bound soon to effect the
franc. 1t will be no surprise to the
Paris money market If a flow of gold
out OF France develops soon. It is not
hkeIy to De severe drain, but it will be
persistent
May foreign trade returns have lust
been announced. Both imports and ex-
ports are down and the unfavorable bal
ance is large. Raw materials were cur
tailed most drastically among the i'm
ports, rejecting the declining activity in
industry. Manufacturers fell off most
notlceably among the exports.
Beriln.-BuSineSs is distinctly disap-
pointed over the delay at Lausanne. It
is likely to mean that results will be
less satisfactory that Germany had
hoped they would be. Opinion is gen
eral, however, that Germany will not
capitulate to French demands.
Two internal developments are of spe-
cial significance to business. The first
Is the export surplus for May. Though
1t nearly doubled the April figure, it is
below the average necessary each
month If Germany is to maintain for
etgn obligations on debts.
Second development was the purchase.
by the government Of sufficient shares
in the large GelSenkirchen Steel Co to
gain a controlling interest in the larger
German steel trust. It is another un-
willing move by the government toward
state capitalism. Industry views it with
alarm