Evening star., 1933-12-24
BRITAIN IS ALL SET.
FOR HAPP|EST YULE
IN SEVERAL YEARS
Prices Firm Despite Usual
QuietneSS of Markets
and Industry.
Special Dispatch to The Star.

NEW YORK, December 23.-Cables
and wireless dispatches TO Business
Week give the following survey OF busi-
ness abroad for the week ending today:
LONDON-The British are al set for
the happiest Christmas they have had
In several years. Industry Is tagging q
little this week. but that Is customary
during the holidays. The stock markets
are quiet, too. but prices have remained
firm and there is every expectation that
new issues will continue to be well re-
ceiVed when business gets back to nor
NAL in January. The speculative pub
lie Is anticipating small boom in in
dustrial shares with the new business
which Is coming to an increasing num-
Der Of companies It Is expected, too,
that the government will remove the
ban on foreign lending early In the new
year.
Reports from business during the week
have been favorable. Rail traffic con-
ttnues to hold up well. Steel, coal, engi-
neering, and shipping all report more
signs Of increased activity and brighter
prospects for the first quarter Of 1894.
The employment situation is satisfac-
tory.
Britain Backs League.
Doubts still exist over the effect Of the
Roosevelt plan for manipulating the dol
lar, and over the prospect that the
League Of Nations may break up. Brit
ain Is eager TO back MusSolini in recon-
structing the League and thus attaining
security without increased expenditure
on armaments. The present scare Is
benef1ting iron and steel and wolfram
interests, and aviation shares are rising
The problem Of japanese competition
90
the front. The matter has been raised
In Parliament, the minister of overseas
trade having listed the trades most hit
by Japanese underwriting. The list in
cluded asbestos, cement, cement sheets,
rayon and cotton goods bicycle parts,
pottery, galvanized iron sheets, tires
hardware, felt hats, rubber footwear
soap and beer
The government, for the present, ad-
vocates that the negotiations between
cotton and rayon interests In the two
countries be continued. If nothing is
accomplished in these negotiations, the
government will try another plan-a
double -barrelled attack through tariffs
at home and trade agreements with the
nations providing common market for
British and japanese goods. Tariffs
alone. Of course, would only make the
position worse, for the goods shut out of
British markets would be used to food
the foreign markets.
Germany Is Hopeful.
BERLIN-Germany's first Christmas
under Hitler Is more hopeful for most
people than was the last one under the
old government. Many more persons
are employed. Industry is more active
Public works projects are speeding up
nh hnxy rft Ho~ kal,4 d. IL.
program. Government policies are thor
oughly understood whether or not they
are approved. And Christmas shopping
has picked up In the last few days In an
encouraging manner, good sign of bet
ter DAYS.
Most ir crest centered In the declara-
ton by the Reichsbank that Germany
could no longer meet the so per cent
transfer payments on the foreign debt
now regulated under the "standstill"
agreement and that transfers during
the coming six months would be made
ON a 80 per cent basis. This means that
paid in marks into blocked accounts
credited to the people to whom Ger
many owes money,
Although the ostensible reason for re-
ducing the amount of interest payments
which will be transferred is decline in
export trade and the unwillingness of
the ReichSbank to reduce Its gold re-
serve much further, the real reason Is
to win trade advantage. Germany
agrees to accept payment for exports in
blocked marks In most countries these
are available at discount up to SO per
cent. Since the German mark Is theo-
retically still at its gold par, German
exporters are able to meet competition
from deprecated currencies only through
the acceptance of payment for their
goods in the blocked marks, which gives
the customer virtual SO per cent re-
duction on prices quoted. London and
New York, the country's two great credi-
tors, have strongly protested the deci-
sion. Germans, nevertheless, will use 1t
TO the limit as bargaining weapon.
Sufficiency Sought.
Further evidence of the governments
new trade policies came during the week
with the announcement that butter,
cheese and eggs have been put on q
monopoly basis. This Is another indi-
cation that Germany will continue its
policy of making the country as nearly
as possible dependent on itself and at
the same time buying whatever imports
are necessary under government super
vision from only those countries with
whom favorable trade bargains can be
arranged. Holland will be most affected
by the move, but most people consider
1t development favorable to the Dutch
as opposed to other overseas producers
of these products.