Evening star., 1934-01-07
100000 Jobs Added in Year;
Stocks, CIearings and
+. Insurance Gain.
HITLER'S PLANS DIFFER
FROM new DEAL IN U. S.
Reich Drive Starts at Other End of
Industry-Paris Weighs
Import Quotas.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 6.-Cables and
wireless dispatches to Business Week
give the following survey OF business
abroad for the week ending today.
Business highlights this
week which maintained optimism in
Britain included the announcement
that unemployment declined $4,000 in
December, brought the drop for the
year to nearly 100000: an estimated
budget surplus of SO million pounds by
the end of the fiscal year In April; easy
year-end credit: strength Of stock
prices; greater bank clearings than in
1882, the first time in three years that
there has been an increase. The in
surance business in 1888 was especially
good, many companies reporting new
high records.
One of the certainties of 1894 is a
vast leap forward in electricity con-
complete. The electricity (supply) act
was passed in 1926; the central elec-
tricity board was created the following
year. The grid" which it has inaugur-
ated is a network Of 1000 miles of sup
ply lines for the transmission Of cur.
rent with 263 substations. To the end
of November, the output Of electricity
was 1908 million units-an increase
on 1882 for the same period Of 95
per cent. The increase in 1882 over
1881 was nearly per cent.
. Bank Pact Forced.
The joint stock banks have reached
an unwilling agreement recently to
sponsor q new credit corporation to
finance small, medium-term loans.
When the Macmillan Committee re-
ported two years ago, 1t insisted upon
the need for such piece of financial
machinery. The banks devised a
scheme, but it did not suit the Bank
of England, which flung it back to the
banks for amendment.
The banks are not keen on this new
adjunct but, like the coal and steel
owners. they now feel that if they do
not provide 1t by private enterprise,
the government will step in.
The new corporation will be financed
by public debentures, and it will make
advances on first mortgages On indus
trial properties. British banking will
not advance on security that Is not
LIQUID. It adheres to the famou3 say
ing Of q noted Victorian banker, Lord
Overstcne, that the art Of banking Is
knowing the difference between q
mortgage and bill of eXchange) The
aim of the corporation will be to assist
the small man and the small enter
prise either to launch good ventures
or to bridge ventures to better profit
showing stage.
Hitler Pushes New Deal.
BERLIN-Germany's new deal, d.
rected by Chancellor Hitler, aims at
To-. t1,a
plan in the United States, but the
methods of reaching the goal are quite
different
This is strikingly portrayed In year.
end statistics showing that there was
a SO per cent increase in building IN
Germany last year. an 81 per cent In
crease in domestic machinery sales,
and an 80 per cent increase in rolling
mill output. In contrast, production OF
consumer goods increased bare 8
per cent.
In the year-end report of the Eco
nomic Institute, 1t is also estimated
that steel output increased 81 per cent
in 1888, coal 6 per cent, potash 10 per
cent, automobiles 100 per cent. There
was no improvement in the food In
dustries, and no increase in the total
national income from wages. Retail
sales dropped S per cent.
Announcement during the week OF
the governments intention to convert
the 1929 federal loan to lower interest
issue is the first indication of the sue
cess of the Reichsbank's open market
policy. It is expected that the official
discount rate will be reduced soon be-
low the present per cent level.
Paris Quotas Talked.
PARASITIC greatest business in
terest in France at the beginning OF
1884 is in the operation of the new i'm
port quota policy of the government.
Beginning January l, only 25 per cent
of the normal imports Of long list OF
items will be allotted to old customers,
long In the habit Of supplying the
French market. In fact, the list OF
items coming in under the quota syS-
TEN Is extended. The remaining 76
per cent of the normal requirements
will be bargained out to those foreign
customers who will take proportionate
volume of French goods in return.
The new arrangement is adroitly
conceived as means OF onsettng
Frances declining exports, though 1t
remains to be seen whether it can be
applied effectively. At best, quota
system irritates customers. In the case
of the United States, however, the facts
must be faced impartially. France has
a strongly unfavorable trade balance
which tourist returns formerly helped
to balance Tourist trade now is slack.
In addition, France is still on the gold
standard and products from the United
States, due to exchange, have up to a
80 per cent advantage over the French
product, depending on how much the
N. r. A. has raised the price in the
United States. In the case Of the
British products-and those from the
entire sterling group-FTance is at q
similar disadvantage.