Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-01-08
Unbalanced Budget, Empty
Treasury and War Debts
Are National Problems.
GERMAN BUSINESS MEN
IN MORE HOPEFUL Noun
British Trade Tone Is Optimistic,
With Iron and Steel Indus
try Showing Gains.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January Gables ant
wireless dispatches to the Business
Week give the following survey of busi-
ness abroad for the week ending today:
Paris.-France at the beginning of
1888 Is faced with three vital questions
an unbalanced budget, an empty
treasury and war debts So far the
Paul oncour Cheron combination has
remained silent on all measures to be
taken to balance the budget, but de-
tending themselves upon obscure con-
stitutional grounds, thus avoiding any
long darwin out political debate.
1t must be granted that there has
already been presidential decree for
bidding any new enlistment of govern
means an estimated saving of 100 900 90
francs. This is insignificant in itself,
but points to probable renewal of eff
fort to reduce government salaries.
Ten and twenty per cent cuts in salaries!
in general business have become com
mon since last November, besides an ap-
probable increase in part-time work
The public as result, Is increasingL
inclined to favor a like reduction OF
government salaries despite the loud
protestations of functionaries, as well
as ex-soldiers and pensioners, who are
backed by powerful protective organiza-
tons which lobby in their favor any
time the question of reduction is raised.
Securities Prices Higher.
In spite Of the uncertainty Of budget
difficulties. and the disquieting aspect
Of many Central European governments,
many Of whom depend on France, prices
of almost all first-class securities on the
Paris BouTse are higher, IN some cases
considerably higher, than at the be-
ginning of 1882.
Berlin.-Politically Germany II
little less optimistic this week. The
Christmas truce Is over, and, while the
Reichstag does not meet again at once,
it seems possible than Won Schleicher
! will choose to face an election soon
rather than try to work along tne1ec-
| lively.
The tone Of business, nevertheless, Is
| confident, Annual bank reports and
| other usually reliable year-end surveys
are hopeful. Money markets have been
unusually easy for the year end, but
this is due principally to self financing
| by business and to the absence Of gov
eminent borrowing. The position OF
the Reichsbank has been strengthened
by fresh gold shipments from Russia.
London.-There were no striking bust
ness gains In Britain this week, but the
general tone is distinctly optimistic.
The iron and steel industry has main
tanned recent gains. and coal producers
are encouraged by better demand.
The steel industry received Christ
mas present In the form of q f160,000
order for oil tanks for Haifa. This Is
a part Of the business which IS coming
out of the plan to open the Mosul OIL
Field. Haifa is the port at the British
end Of the pipe line from the oil field.
Whessoe Foundry 81 Engineering Co.
booked the order. More than 5000 tons
| Of British steel will be used.
Reports from the Clyde indicate that
| interest in shipbuilding is picking up
slowly. An outstanding optimistic fac
| tor was the governments report that
| tariffs are responsible for 218 new in
dustries in Britain, which will employ
more than 10000 new workers.
Far East.-The Chinese have tremen-
dous faith in walls. Every old city and
almost every modern village Is sur
| rounded by a wall. And China has
been more or less protected in the north
| for centuries by the Great Wall, which
is still an effective barrier to bandits
along part Of its course.
$3.50. japanese Offensive.
Last week the japanese moved south
of this wall for the first time in their
Manchuria campaign Except for their
sporadic thrust at Shanghai early last
year,. Actually, Shanhaikwan (the
city which they occupied in the first
day Of f1ghting) is located on the very
spot where the Great Wall comes to
the sea. But it is on the inside of the
wall. That Is what threw all the Chi
nese in North China into a panic
Shanhaikwan itself Is an unimportant
place, but it stands as the outpost Of
Chinese power toward Mancf1uria.
Japan has a definite goal. Ostensibly
1t is the Province of Jehol, which bor-
ders Manchuria on the west Jehol
Is the old Summer playground Of the
emperors, which has recently been
turned into a vast homesteading region,
to which have migrated many Chinese
from the crowded plains south and east
of Peiping.
The Chinese reason that Japan's goal
may extend beyond Jehol If it does.
it is likely to include Tientsin and
Peiping. Both cities have suffered
from the last 10 years of civil strife
in China, but both show remarkable
resiliency, both produce large revenues.
Shrewd Chinese think that Japan has
found the financial drain of consolidat-
ing her position in the less well or
ganized Manchuria area too great, that
Toxic is going TO try to take over the
two choice plur1s to the south-Peiping
and Tientsin-and control the vast
revenue which comes annually out OF