Evening star., 1932-01-31
Unemployment in Germany
Has Risen Close to Six
Million Figure.
FRENCH IMPORT QUOTAS
AFFECTING U. S. TRADE
British Situation Shows Improve.
ment-1talian Business Reflects
Usual Winter Decrease.
Special Dispatch to The Star.

DSSS4oA D4SpdtCH 10 Inc star.
NEW YORK, January 3O-Cables
and radio dispatches to the Business
Week give the following survey of busi-
ness abroad for the week ending TODAY.
1okio. - certain banking interests
mere are concerned over the Shanghai
Lncloent. Japan'S investments in this
largest of Chinese cities are enormous
There are 100000 spndles In jan
aneSe-oWned textile mills alone. Toxic
oesplte the uncertainty, is showing a
oegree OF business stability The mar
Ket Is comparatively steady. Stocks
continue to gain slightly. Elections,
now scheduled for February 20, are ex-
pected to return a majority for the
selyukal party, recently called into
power
Berlin.-Business and the banking
community are satisfied with the new
snort-term credit 'standstill' agree
ment. although they realize its possible
penenclal effects are greatly paralyzed
oy reparatlonS unsettlement. Features
OF the week here are the remarkably
easy money market and the firm un-
oertone on the stock market, in spite
OF the undated decline in industrial
activities. The number of unemployed
was close to 10000 at mid January.
which Is up 300 1000 since the wear end
Coal alone showed some slight seasonal
recovery, while the machinery Industry
In December was working at 80 nar
cent OF capacity. compared with "a per
cent in November and 80 per cent in
OCTOBER The decline III this. and
other. industries is bound to continue
during the next few months as a re-
suit OF the higher tariff walls and of
deprecated currencies.
Wholesale Price Defiation.
Price defation has brought the
wholesale index for the first time to the
1913 level. The price commissioner
claims the cost of living is down 7 per
cent since December 9 and that he ex-
poets it to be down 10 per cent by mid
February.
Paris.-American business men in
Paris are up in arms over the continued
discriminatory extension of the French
import quota system. Following last
weeks PRONUNCIATION of radio con-
tngents, whereby the United States,
formerly first, is now placed in a poor
tnlrd, while Holland, formerly third,
is placed in first Gin order to favor a
Franco-Dutch combine), new con-
tlngents were promulgated this week to
affect meat products, condensed milk,
and especially electrical equipment and
appliances. The American Chamber of
commerce in France has taken the
INITIATIVE in forming committee not
to protest the French right to adopt
quotas, but to contest the above dis
criminatory applications. There is every
indication that there is a growing
segment of French public opinion,
where well informed which does not
support these recent trade practices.
Although registered unemployment has
risen 80 per cent in the first half of
January and crossed the 100000 mark,
and business indicators continue steadily
downward with carloadings off "a per
cent, compared with the same time
last year, the Paris Bourse is holding
steady at Is per cent above year-end
lows, but so per cent below the 1929
average. Similarly, though gold hoard
ing continues, confidence in banking
conditions has largely recovered.
London.-The general tone of busi-
ness in Britain during the past week
was good. London was particularly
stirred by Developments in the govern
ment caused by the cabinet controversy
on tariffs. Reason for the departure
from constitutional practice of cabinet
COLLECTIVELY is the desire to impress
foreign opinion with the solidarity of
the government on other aspects of
the national policy. If it has accom-
plished this end abroad, it certainly has
not at home.
Repayment of Credits.
The Bank of England repayment Of
Franco-American credits without a loss
of gold has made a favorable impress
t. Il ,-srr e,
expected strength of sterling and of the
serade balance. The case of repayment
prompts the expectation that Britain
soon will be lender again if repara-
tionS and war debts are eased. The ex-
change loss was borne by no bank, but
by the government. The failure to in
crease the fiduciary issue to meet the
emergency was especially welcomed.
Milan.-Generally speaking, condi-
tions in Italy are little changed other
than for the usual Winter decrease of
activity, which has brought unemploy-
ment to the million mark, an increase
of so per cent over last year. Only
one-fourth of these are on the dole.
Cotton mills are beginning to feel
sterling depreciation. Already suspen-
sion of one-quarter of Italy's 100000
spindles and 40 per cent of the 100000
looms has been proposed.
The government has decreed COM
pulsory concentration of the metallurgi-
cal companies into two cartels, one for
rolled and the second for bar products.
This marks another step in the devel-
opment of Italy's cooperative system,
though the new cartels are initially Of
only six and nine month duration, re-
spectively, and, unlike the existing sui
phur and marble trusts, do not yet op-
crate under government supervisors.
Lira exchange continues to be weak, but
the position of the Bank of Italy is
easy Exchange weakness is partly at
tr.buted to restrictions adopted by the
export markets. The minister of finance
has authorized that the subject of i'm
ports from those countries hampering
trade payments be studied with a view
To taking sllita bile renrisalS