Evening star., 1934-05-20
New Issue Market ReviveS,
Investors Turn to In
duStriaIS.
TINPLATE FIRMS FACE
FOREIGN COMPETITION
Japan Will Spur Own Production.
Dominions Also Seek to
Develop Industry.
,pecial Dispatch to The Star.

special DlSpatch TO Ihe star.
NEW YORK, May 19.-Cables and
radio dispatches to Business Week
give the following survey of business
abroad for the week ending today.
British business is hold
ing steady at new high levels. Out
standing new trend is the revival of
the new-issue market and the return
of investment money from rubber and
some of the more speculative stocks
to in6ustrials.
The remarkable recovery of the
tinplate industry now is being family
menaced by the growth of production
on the continent and in the Far
East. News is now to hand that
Japan is installing a plant with a
productive capacity equal to between
so and rs per cent of the country's
present import. Pre-war Japan de-
pended wholly on imported tinplate.
In 1918. she imported 26500 tons, of
which Great Britain supplied $4,000
tons. Since that date the growth
of canning has raised her import to
10000 tons, Last year her imports
were distributed thus: United States,
27,576 tons: Germany. 27,l25 tons;
United Kingdom, 23,l65 tons.
Empire Sales Disappointing.
"In addition to the menace from
the East, British tinplate has also
suffered a disappointment in the
extent of her exports to the domin-
fO1I ho
ments One symptom of this dis
appointment is the determination OF
Australia to develop her own tinplate
industry. The conclusion from these
circumstances in the trade Is that
the British industry must get busy
and encourage international agree
ments which will enable it to retain
its share of the world trade without
entering upon cut-throat battle of
prices and a counterbattery war of
national tariffs and artificialities. In
the meantime, an attempt will be
made to rationaliZe the home indus
try and merge many of the small
units that exist into bigger and more
economical units.
"One new development relating to
the trade war with Japan is signifl-
cant. The large paint firm Of Pin
chin, Joilnsone& Co., Ltd, has COM
pleted plans to start a factory in
Japan to produce for export to coun-
tries with low costs. This acknowl-
edgement of the inability to manu-
facture in Britain. where labor costs
are fairly high. for sale in competi-
ton with Japan's low costs. is another
indication that Britain can fight the
battle with anything less than quotas
and branch plants"
Pleased by D0umergue.
PARIS.-"Commercial France is
pleased with the continued show Of
authority of Premier Doumergue and
the coalition government. Since recon-
vening. the Chamber has been docile
and France is aware that government
oy decree, which Doumergue demanded
when he came into power two months
ago. is likely to continue for the bal
ance of the year at least.
The general public. however. has
less confidence in the government.
Following the premier's radio address
last week, the public sold rentes heav-
lily, and considerable weakness has
developed on the Bourse. This is not
an altogether unfavorable development
for lot of dangerous Spectators were
shaken out of the market in the de-
cline Prices now are getting down
nearer a point justified by current
business conditions
Public works will be pushed. A new
decree sets about S60,000,000 year
for the next six years. the idea being
that the increased employment which
will be created will reduce unemploy-
ments from the treasury and increase
local buying power.
The latest decree also provides re-
lief for the government railways by
giving the government the power to
legisiate what goods hereafter can be
carried on the country's waterways.
Railroads hopefully expect the decree
to be extended later to cover truck
traffic Together the measures should
benefit the railroads and reduce the
burden of continuous deficit on the
national treasury"
BERLIN.-"It is possible that the
announcement of results at the cred
itors conference will be made any day
now. Negotiations have made small
progress. Creditors are not united in
their demands, and DR.. Schacht is
firm in demanding debt-service relief
for Germany-or prompt and wide ex-
pansion of export markets for German
goods