Evening star., 1933-01-22
Workers Not Expected to
Engage in General Strike
Over Schedules.
HOPE FOR LIGGETT DEAL
IS REVIVED IN LONDON
Business Men Opposed to Policy Of
Treasury in Forbidding Trans
fer of Funds.
Special Dispatch TO The Star.

opeClal DlSpdtCn 10 Inc Star.
NEW YORK, January 21.- Cables
and wireless dispatches to The Business
Week give the following survey of busi-
ness abroad for the week ending today:
London.-Hardened Britishers who
have in their time taken an intimate
part in some of the largest deals in
financial London universally looked on
the "Liggett sale" last week as the best
Of the century" They held no grudge
against Mr.. Lggett who had bought
Brltain'S biggest chain of drug stores II
years ago for 100000 900 and now, after
greatly extending them, was selling
them for reputed S27000,0O0 To
the informed Britishers, it was a de-
served profit. In the interval of de-
velopment, the British investment mar
ket had had the opportunity to buy
shares and participate in the handsome
profits which had been paid. And, nat
uraily, there was some pride that con-
troll of the country's greatest drug ain
was coming back to Britain.
Exchange Position Weakened.
1t is only natural that the brusque
order from the British Treasury that
the deal be halted should cause bitter
indignation. There was reason for the
move. The exchange position of Britain
was jeopardized by the payment to
Washington of the December annuity on
war debts. 1t Is known that there is no
intention Of making further payment
to New York in June whether the debt
question is settled or not because of the
problem Of transfer. The British gold
reserve, according to the latest state
ment from the Bank of England, shows
stocks worth only about S586,000 900.
Gold on deposit with the Federal Re-
serve in New York is about 81, $50 000,-
900; in the Bank of France about 50 ,240,-
0c0 000D The transfer of S27,000,00
now. above the usual commercial de-
mands, would weaken sterling. The
British Government has, temporarily at
least, ruled that the deal cannot go
through. Mr.. Liggett is still in London
and it is reported in the city that the
deal may yet be accomplished,
Another piece of official action had
wide effect on the market this week.
This was the decision by the National
Railway Wages Board not to uphold
the demand of the four great railways
for the right to cut wages another 10
per cent. In the final report of the
chairman of the board, there was
recommendation for cuts up to s5,000,-
600 tthe railways were demanding cuts
up to S20,00o,000. The next move
must come between the railroads and
labor A general strike is not expected,
but it is a possibility. Railway shares
were generally down on the week.
Berlin.-BusineSs is unsettled by the
prospect of early national elections.
German bonds dropped in foreign mar
kets. and stocks slipped badly on the
Berlin Boerse. Chancellor Won Schlei-
cher, busy with his revival program,
Is having some success. But as Ger
mans point out. most of the industrial
gains so far have been accomplished
without adding many persons to the
payrolls, ard have been due to antlcl-
pated Spring public works programs not
vet actually under way. And-very
signifcant-Von Schleicher is having
trouble within his cabinet. Farmers
are forcing their representatives to de-
mand more and larger quota restrlc-
tions on imports; industrialists insist
that German industry can make no
headway if foreign markets are closed
to it, as they would be in retaliation
to any further German import restrlc-
tions. So Ven Schleicher has his own
problems which might eventually force
new election anyway.
Salary Reduction Opposed.
1t is this demand LOT extreme ldrIn
protection which brought to an end
this week negotiations between German
and Swedish trade delegates. Angry
industrialists in the Ruhr say that Ger
many has probably lost her opportunity
to build up her Scandinavian market.
for 1T is known generally that the
Scandinavians are all waiting for the
opportunity to bargain with London
for the share Of the British market
which Is left free from empire
embargoes
Paris.-Finance Minister Cheron's
budget stabilization plan has not re-
ceived an enthusiastic reception in the
Chamber. notably by the Socialists who
are continuing their efforts to get the
Finance Committee to adopt counter
projects They are especially against
calling for an all-round per cent re-
duction in salaries for the 775.000 per-
sons who would be included. This takes
in the state railway personnel. The
Socialists, Enthusiastically. favor,
rather a greater reduction in military
and naval expenses and an increase IN
the business turnover tax.