Evening star., 1932-01-03
FOREIGN BUSINESS
ACTIVITY REMAINS
SLOW DURING WEEK
Bright Spot in Picture Is Drop
in Unemployment for
England.
COMMODITY PRICE INDEX
HOLDS AT RECENT LEVEL
Values of Securities Begin Year
With Slight Gain-Wage
Cuts Numerous.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, January 2.-Cable and
radio dispatches to the Business Week
give the following survey of business
abroad for the week ending today:
Europe.-The year Is closing with
activity at the lowest point yet reached,
except for the degree of inflationary
activity in England reflected in the
substantial drop in unemployment,
which Is in striking contrast to record
| levels in all other countries. Commod-
ity prices are stubbornly holding to
levels of recent months. In fact, the
current period of price stability is the
| longest since the depression began
with jute alone showing an appreciable
recent decline, while tin and copper
have substantially advanced.
Security values are slightly above
the years lowest. Exchanges are rela-
lively steady; sterling is benefting
from Indias unprecedented gold ship
mentS, rejecting liquidation Of India's
hoard as natives cash in at the higher
purchasing power obtained since gold
Is at premium.
Berlin.-The all-around price and
wage cuts are proceeding in accordance
with schedules in the last emergency
decree. In spite of favorable public
| reaction and of the loyal support Of
BrueningS action by business, doubts
are increasing as to whether a final
price adjustment downward of only 10
per cent Is sufficient to meet currency
depreciations among competitors, and
whether Germany finally will not be
forced to devaluate the mark to basis
of 80, possible, 10, pfennings, in spite
| OF all the sacrifices imposed in the de-
cree and met by business.
Business Quiet.
Business since Christmas is rejecting
a greater than ordinary lull. Christ
mas trade, in spite of foreseeable fur
| ther price cuts after New Year, was
| generally above expectations, notably
| for clothing and shoes. The number
Of unemployed in mid December was
| 5,3490O0 an increase of 100000 for the
| half month. To labor observers this sug-
| geStS that the Winter peak may sur
pass the 100000 total on which finan-
cial relief calculations were based.
Paris.-Domesticafly, conditions are
| steadily going from bad to worse.
Christmas week brought another 13 per
cent increase in unemployment, which
Is estimated now to total 100000
when unregistered part-timers are in
cluded. Metallurgical and coal con-
sumption are down % per cent; rail
receipts are off 13 per cent. The Bank
Of Frances dividend of 385 francs COM
pares with $50 francs last year.
LOndon.-Business was more slack
than usual during the Christmas sea-
son this year but the better stock mar
ket tone, despite the small volume, is
ling confounds the prophets but they
believe 1t is due to the large influx of
Indian gold. which between December
13 and January 8, will average nearly
e, 900 per week, with the aggregate
since october $22,000,000. There is in
creasing prospect that employers and
weavers will come to no agreement be-
fore the present hours and wages con-
tract terminates at the end of the
year. This means Stoppage IN the tex
tile industry, which will react badly on
general industrial morale, already slid
ing from recent buoyant heights.
Conditions in Italy.
Milan.-Apart from the transient
Christmas stimulus, conditions continue
to be seVerly depressed and prospects
are uncertain, but, comparatively, Italy
is better off than many other European
countries. Briefly summarized, the sta
tus of the principal indicators near the
end of the year is as follows:
Cd Stock Exchange-Weak and dull,
Notwithstanding the recent financial
reorganization; year end prices may be
expected to average 20 per cent below
last year.
CD Industry - Consumer industries
are feeling the usual slackness following
the termination of seasonal activity
during the two previous months. Basic
industry is dull, though less depressed
than elsewhere.
90 Unemployment-The increase Of
64 per cent over last year to $4,000
at the end of November is relatively
unrepresentative since 1t far exceeds
the degree of business decline which
caused it,