Evening star., 1933-07-16
Tone Remains Good Despite
Uncertainties of London
Conference.
"REVOLUTION COMPLETE"
GERMANY LOOKS AHEAD
French Are Wary at Outcome of
Events, but Recovery Signs
Are Apparent.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, July 15.-Cables and
wireless dispatches to Business Week
give the following survey of business
abroad for the week ending today:
ONDON-Outwardly the fate Of the
World Economic Conference hangs In
the balance. Actually, the statements
to which the British House Of Commons
listened on Monday pretty well indicate
that British thinking is lining itself
behind Roosevelt policies. Both Mr..
Macdonald and Mr.. Chamberlain have
backed the American theory that prices
must be lifted. But in London, more
than in Washington and New York,
there are still some doubts about the
brakes which can be applied when in
f1ation gets started, and the wisdom OF
statesmen in being able to apply them.
Drift From Gold Theory.
British sentiment is swinging away
from the gold standard theory. as 1t
becomes increasingly obvious that the
gold countries are running into increas-
ing imitation talk at home, and as plans
are quietly being made to meet an
emergency. 1t Is obvious now that even
the French have doubts whether they
can maintain the gold standard for
long
The business tone. despite all the
conference uncertainties, remains good.
Most hopeful report during the week is
the amour. cement that the number OF
unemployed declined another $4,000
during June, making the total number
of workers absorbed in industry since
the first Of the year more than 100000
Coal. among the major industries, still
shows no improvement in employment.
Germany Hopeful.
BERLIN-"The revolution is COM
pleted; now comes evolution. The ability
of business executives deserves prece-
dence over party allegiance"
This was Hitler's warning this week
to the extremists in the Nazi party who
have been prosecuting non-party busi-
ness leaders and industrial executives.
It was broadcast. Sabotage OF the
German revolution by unauthorized
interference with industry will be
punished with the severest measures-
imprisonment being minimum"
This is the sort of declaration most
needed to restore badly shattered con-
fldence in Germany. If carried out dill
gently, industry will react promptly.
With the Hitler recovery program get
employed in June, with the first con-
tract let on the 3,000-mile automobile
road building project. industry and
the retail trade must be freed of the
fear which has gripped it for the last
two months. The leader" evidently
understands this and feels himself suf-
flciently secure in his Office to subor-
dinate extreme party demands to more
practical economic Shrewdness.
French Are Wary.
PARIS-France is absorbed this
week with the efforts to cover up true
feelings over the developments at Lon
don. Outwardly, the French are rather
pleased. The press is filled with reports
OF the successful constitution of solid
gold bloc" on the continent, and with
assurances that the London Conference
has been successfully prevented from
riding rough-shod over the wishes of
this group. Much is being written and
spoken about the victory" of Georges
Bonnet, French finance minister and
ablest negotiator for currency stabi-
iZation before all else"
At home, only the least informed can
believe that France feels secure on her
coins are at slight premium. Having
gone through an imitation not 10 years
ago, the Frenchman is pretty wary of
any proposal to live it over. Once in a
generation it can be managed if it is
patriotically necessary. Twice would be
catastrophe.
Signs Of Recovery.
Industrially, the country still shows
signs of recovery. Almost every index
Of production shows rising tendency
for the last few weeks. Chemicals, par
ticularly, were more active throughout
June. As prices rise outside France,
and demand grows, the French, are re-
viving hopes that foreign prices soon
will reach the levels which France has
maintained at home behind high tar
if walls This is the ray of hope to
the nervous statesman and Industrial
lists. It may make it possible simply to
"readjust" the value Of the franc
slightly, rather than devalue on the
scale predicted in Europe's money cap
itals when discussing the pound and
the dollar.
Tourist traffic is poor. though the
influx of travellers is expected now to
be slightly greater than was anticipated
earlier in the Spring.