Evening star., 1934-10-21
Industry Remains Sluggish
and Foreign Trade Fails
to Recover.
LAST DESPERATE EFFORT
FOR GOLD BELGA SEEN
Doumergue Cabinet Not Expected
to Survive Drastic Program
It Now Advocates.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October 20.-Cables
and radio dispatches to Business Week
give the following survey of business
abroad for the week ending today:
PARASITIC business situation in
France this week is paradoxical.
Financially, the outlook has bright
ened. When the provincial elections
were completed last week they showed
no trend at all toward the Left. Re-
action on the Bourse was prompt.
Activity increased. Rentes continued
their rise of the previous week. Sub
scriptions to the governments CONVEX
sion loan, which closed October 13, ex-
ceed 712 billion francs, much better
than was expected.
Economically, the prospect is less
bright. Industry Is still sluggish. For
eign trade has not recovered. And the
feeling is general that the meeting of
the gold bloc nations at Brussels is one
last desperate effort to keep the belga
on gold.
Politically, the situation is uncer-
tain. Frenchmen accept the new
cabinet members as satisfactory but
there is small confidence that the
Doumergue government will survive on
the drastic program it now advocates.
A government crisis at this time could
completely undermine the economic
situation
Germany Is Calmer.
Following the initial
scare after the Marseille aSsaSSina-
tions, Germany's appraisal of the Eu-
ropean situation is calmer, though the
informed public anticipates a partial
reshuffiing of alliances in middle and
southeastern Europe in the near fu-
ture.
Next to this, Berlin has been most
interested this week in the termina-
tion OF the German American trade
treaty. Germans who have handled
large volume of business with the
United States know that the govern
ment is going to bargain just as
closely as possible for credit conces-
sions on large raw materials orders.
Those familiar with the attitude in the
United States are not overoptimistic
of the outcome.
THE current business outlook re-
mains fair. Unemployment declined
by $4,000 in September, due mainly
to increased activity in the building
and heavy industries under the i'm
pulse of the governments relief works
program"
British Financing Pushed.
ACKNOWLEDGEMENTS feature in
British business at the moment is the
rush of new capital issues. Although
many of these are for refinancing pur-
poses, there are a fair number invit-
ing new money for new enterprises.
Herbert Green, Ltd, which is to ex-
ploit an American oil refining process,
and Rubber Regeneration, Ltd, which
Is to exploit an American rubber re-
claiming process, are typical examples
THE tone of British business con-
tinueS to be good. Last weeks assas-
sinations have had no adverse influ-
ence because no immediate results are
anticipated. President Roosevelt s
press speech has convinced London
that dollar devaluation to SO cents is
imminent. This accounts for weak
ness of the dollar and general uncer-
tainty on the foreign exchange mar
ket. London's skeptical feeling re-
garding the French political and eco
nomic outlook contributes to the mild
uncertainty which is developing over
the longer-term future.
Official unemployment figures
dropped $4,000 in September, making
the total Of registered employed work.
ers 10,283, 900, highest since November
1929, and above the monthly average
for that year"