Evening star., 1933-08-20
BRITISH SPENDING
CALLED GOOD SIGN
Opening of Summer Holiday
Period Bares Relief From
Worries.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, August Gables and
wireless dispatches to business Week
give the following survey Of business
abroad for the week ending today:
LONDON holidays in Eng
land are more significant than mere
breaks in the routine OF working life.
They are tests of national mood. Easter
first public holiday Of the year-and
public holiday before Christmas, and
the opening of the Summer holiday
period for the great majority of the
masses-have both indicated new
readiness on the part of the public this
year to spend freely.
All forms of transportation reported
heavy business over the recent hon-
days. and in another stratum OF So
ciety the call On gunsmiths for sporting
cartridges has been twice as heavy this
year as last. Clothers report good sales
and sports outf1tters are having record
turnover The exceptionally good
weather has helped but at the back Of
this consumer demand is definite
feeling that the worry Of the last few
weeks is over and that everybody can
now afford to play with an easy con-
science.
Seasonal slackness is felt. but the
business tone remains good. The gilt
edged market is strong. leading flnan-
cial London to expect that the Treacury
will grasp the opportunity to covert
more o. the floating debt. New issues.
particularly the Canadian and Austrian
loans, were heavily oversubscribed
New issues for Palestine and South
Africa are likely to be announced any
day These signs indicate to Britishers
that London has resumed its old posi-
tion as the lending center of the world
Influence Reich Trade.
BERLIN-Two factors Influenced
German business this week. The first
was the public address Of DR.. Kurt
Schmitt, recently appointed minister OF
economy. The second was the state
ment of July foreign trade.
DR.. Schmitt was appointed by Hitler
to che of the posts vacated by the only
recl capitalist in the first Hitler cabi-
ne--Dr. Hugenberg. Schmitt does not
belong to the ''old guard" of the Nazi
party In fact, he only very recently
joined the party. He is ''Self-made"
man and comes from the insurance
business. where he was president of
Germsny's largest insurance company,
the Allianz. At the time of his ap-
pointment. he was recognized by execu-
tives as a successful business leader
who for years has opposed government
control in the insurance business.
When he addressed the German
Labor Congress which was assembled
at Cologne. two points were at once
broadcast to commercial Germany: The
new minister is strongly opposed to any
further compulsory reduction OF interest
rates, and he declared emphatically
that the government must make no
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If these two things are promised. he
believes. confidence will begin to mend.
Government supporters have gained
some satisfaction from the reports from
Paris that the French government Is
receiving protests from French business
along the German border where large
nur,oers of Jews fleeing Germany have
settled. These thrifty and industrious
refugees are repeating in France what
thev did in Germany Is years ago when
the fed from Poland. They have
started th.ir own commercial enter
p-ises snd French tradesmen are SUI
fer.ng from the competition.
France Has Holiday.
PARIS.-An France celebrated the
fou--day Midsummer holiday this week.
so business has been featureleSS. Prices
on the stock and commodity exchanges
remained largely unchanged: Industrial
activity was down, but only temporarily
for employment has been increasing
slowly.
Following the success of the govern
ment refinancing last week. the treasury
has announced complete plans for the
first section of the great national lot
terry which will be sold in September
More than 200,o0o,ooo francs of
chances will be sold, and the prizes
rarge from 100000 francs five of
these) to 200 francs OF the total re-
ceirts the treasury will retain only 40
per cent to use for veterans pensions
and agricultural relief.