The Waterbury Democrat., 1933-08-21
World Advance Begins With United States We'll In The
 Lead For Future Prosperity
First Stages of Business Revival Seen Throughout the World Today With the United States Setting the Pace With a Hundred Percent Policy of Con- trolled National Economy.

determination to remain on the gold standard. Nevertheless, France has experienced 8 sharp rise in commodity prices and the circula- ton of Bank of France notes has increased four billion francs in a year. On the other hand, foreign exchange holdings of the Bank of France have fallen off 50 per cent in 8 years time, domestic accept ances have lost third and there has been a slight decline in gold; deposits are off by 25 per cent. It .s true that there has been improve. ment of production in some indus tries, and registered unemployment has fallen to 25O,000. But foreign trade continues to decline and the pressure of cheap goods from non gold standard countries compels continuous patching of the tariff and quota walls. The government budget is unbalanced and the fight to maintain the gold standard which may culmfnate this fall promises further restriction of for eign trade and much unsettlement of business pending the event. Tn considering France, however, it must always be kept in mind that the depression has never been so severe there as in most other coun- tries.
 Germany appears to be gaining much faster than France, but has much further to go. She adheres to the gold standard in a nominal way but virtually has 8 controlled currency, and is not so nervous as France over. the outcome of the bat tie for sound money. Teh number of the unemployed at the end of June stood at the appalling figure of 4.867,O00, but that was about a million less than in February-ac- cording to the official figures, which are not reliable. However, there seems to be no doubt that for the time being the business situation in Germany Is decidedly improving.
 Italy, is on a modified gold stand- ard and has not been much affected by the worlds monetary disturb ances. Besides 1t has been for many ears under the Duce's regime of controlled economy. Commodity prices have fallen in Italy since the first of the year, although only slightly, as they have in all the gold standard countries. Foreign trade has held up remarkably we'll. Re- gently, exports have been gaining and imports declining.
 Taking Europe as a whole, the most encouraging fact is that price declines seem to have been arrested or slowed down to the vanishing point, even in the gold countries. All indicate a coming change from a buyers to sellers market. The depression continues, but 1t has ceased to get worse, and in spots Is definitely in retreat.
 South America, outside of Argen- tina, is still somnolent. The im- proved price of wheat has helped Argentina.
 Australia is definitely on the up- ward grade, after having reached the bottom through the defiation process.
 In North America, Canada and Mexico, are following the United States up the road to prosperity.
 As for the United States. 1t is more and more evident that the current of the river of commerce was turning towards better times before we started padding our canoe in that direction. Whatever the future may have in store. there Is no doubt whatever that times are distinctly better.