Evening star., 1933-10-15
BRITAIN IS CHEERED'
BY TRADE UPTURN''
AND BUDGET GAINS.
Official Speakers Promise
Government Will Have
Surplus for Year.
JOBS STILL INCREASING
AT INDUSTRIAL CENTERS
French Pessimists Foresee Crisis
in Politics-Reich Business
Continues Recovery.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October 14-Cables and
wireless dispatches to Business week
give the following survey OF business
abroad for the week ending today:
LONDON-Recent general commence
in business has been augmented tnls
week by notes in official speeches prom
ising budget surplus and continuing
declines in the number OF 1obless, as
well as by new reports from the In
dustrial regions showing steady I'm.
proyement in the iron and steel, coal
and rayon industries.
Stock markets have also rejected the
new spirit Following the small boomiet
in rubber shares, traders are now push,
ing up automobile, iron and steel ana
tin shares, with many indications tnat
private investment money Is beginning
to feel the speculative urge.
Warning Discounted.
Gov. Norman's warning at the bank
ers' dinner that clouds in the East and
west are especially menacing was gen.
orally discounted by the masses, but II
is Worrying inner circles, where the
possibility Of pound d-dollar stablllzatlon,
combined with debt settlement, ana
both emerging from the present nego,
tiations in Washington are regaroeo
probable and the only remedy wnlcn
will stave off successfully the Autumn
disintegration of currencles.
The repeated rumors that france
about to leave the gold standard are
considered in London to be greatly ex-
aggerated. Most critics do not expect
the move from Paris until the dollars S
position is clarified.
The feeling Is growing that II the
dollar is to be devalued it will be as the
result-or as a part of-a bargain 10
devalue the pound and the dollar slmul-
taneously and that into that bargain
war debts will be forced, despite the
strong resistance hitherto In America
to any such coupling.
Despite indubitable improvement In
industry, bank advances reached new
low in September, but this is interpreted
as industry's ability to finance from in
ternal resources rather than to call for
banking aid. The plethora OF unuseaple
money still enables the government to
borrow treasury bills at record low
rates.
Paris Crisis Feared. {.
PARIS-For several weeks France has
watched the annual reunions OF the
various political parties. This week
they came to an end with the meeting
of the Radical-Socialists, the party In
power. OF all the developments at the
meeting, the most significant to the
average Frenchman watching politics
for the effect on business was the state
ment by Premier Daladier, who pre-
sided: The Chamber of Deputies will
be convened in few days for the Fall
session of Parliament. In the follow
6Yo
be set Alright, or our country Will have
a new government"
Pessimists foresee political crisis
but this is problenatical since all the
important Right and Left parties con-
cur on three important points Of policy:
Cd The budget must actually be bal
anced; CD French security must be
preserved; 90 social order must be
maintained despite the growing eco
nomic crisis.
Reich Trade Improves.
BERLIN-There are further signs Of
business improvement in Germany this
week. Industrial output in August, &C
cording to figures Just released. was "
per cent above the total for August last
year. Railroad freight earnings were
up 10 per cent in August. Purchasing
power is tagging, as evidenced by the
absence of an increase in retail sales.
On the Borse, bonds were strong,
stocks weak, despite favorable reports
from industry.
The Nazi government is again having
recourse to the one form Of job-creat-
ing which in the past has proved par
ticularly efficacious. In addition to the
200 100000 marks spent previously, it
has appropriated, as an integral part Of
the winter employment program" an
other 500 ,0O0, 900 marks for subsidies for
house repairs. This subsidy Is granted
house owners on the condition that they
spend the four-fold amount OF the gov
ernment subsidy from their own Cor
borrowed) funds In this way the gov
ernment expenditures of half billion
marks is supposed, at least theoretically.
to mobilize" two billions of private
capital for house repairs and renova-
tions and thus keep the building trade
going during the Winter. Doubts are
expressed whether the real estate in
terests will be able to absorb these large
amounts in the comparatively short
time of six months (the subsidy must
be applied for and spent before April
l, 1880.