Evening star., 1934-11-04
Heavy Industries Flourish,
Theaters Filled, Retail
Volume Climbs.
FEDERATION TO ENTER
EUROPEAN STEEL CARTEL
English Group Stronger in Ratio
to Continental Rivals Than
at Any Time Since War.
Special Dispatch to The Star.


NEW YORK, November 3.-Cables
and radio dispatches to Business Week
give the following survey of business
abroad for the week ending today:
LONDON-"Recovery has reached
the point in England where the
luxury hotels are filled once more,
theaters are overfiowing, retail trade
is advancing. With King Georges
25-year jubilee due to be celebrated in
1885, all London is looking ahead for
boom.
Threats of a slumping OF business
in the heavy industries as the domestic
market becomes saturated before
export trade has picked up accordingly
have not yet materialiZed. Heavy in
dustries are fiourishing. Turnover on
the stock exchanges is still small, but
prices for gilt-edged securities are
mounting to new highs. Dorman
Long, venerable name in the steel and
engineering industry, has decided to
write of 100000 pounds from share
capital, reserving an equity on ordi-
nary shares. This is a result Of i'm
proved conditions and Of desire not
TO handicap recovery by past losses.
If the scheme is carried through. the
company will be able to operate
further units OF its plant and regain
its ancient glories.
Cartel Entrance Planned.
Entry Of Britain into membership
in the European steel cartel will take
place later this Winter The British
Iron and Steel Federation have now
set up a Foreign Relations Committee,
whose real duty will be to conduct the
final negotiations with the cartel COM
mttee. The federation has agreed the
general lines on which it is prepared
to enter These include an agreed
continental import quota for the
British market on which there would
be a partial refund Of duties, subject
to prices and control satisfactory to
the British industry. In return. the
federation will demand certain con-
cessions in regard to export quotas
to selected markets. The entry of
Britain into the cartel will be con-
ditional on the understanding that
Britain's dominance in her own Do
minion markets is not to be shaken.
The moment for entry has been
chosen wisely, for Britain is now
stronger in relation to her European
rivals than at any time since the war;"
United France Urged.
PARIS.-"When Frances major po-
litical party, the Radical-SocialiStS,
convened at Nantes last week, their
leader, Herriot, dominated the meet
ing. Pleading that increasing unem-
ployment and general business stag
nation would make the Winter one of
the hardest that France has faced
since the World War. and that the
Saar plebiscite In January opening
The way for international complica-
tions, demanded a united France be-
hind the government, Herriot urged
his followers to stand behind the CO.
alition government OF Premier Dou-
mergue. The convention agreed, but
the prestige Of the government has
weakened so drastically In recent
weeks it is doubtful if it can carry its
reform program. No immediate crisis
is expected, but the future Is un-
certain.
September foreign trade returns.
announced this week, show a slight
decline in imports and 9 per cent
increase in exports, thus reducing the
trade deficit to 125,0O0,0OO france, in
contrast with an average monthly
deficit in the last five years of 9OO,-
600, 900 franc. French business, how
ever. shows no signs Of recovery. First
concrete result Of the Brussels Confer
ence is likely to be the announcement
of a French colonial loan to be spent
for metallurgical equipment. Orders
are to be shared by the French and
Belgian industry, whatever part goes
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