Evening star., 1935-05-05
LONDON CROWDED
FOR JUBILEE, BUT
CAUTION REMAINS
European Tension, Foreign
Trade and Election Plans
Watched.
Resentment AROUSED
BY U. S. SILVER POLICY
Program Designed to Win Polit-
ical Support of Few States,
Traders Believe.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May 4.-Cables and
radio dispatches to Business Week
give the following survey Of business
abroad for the week ending today:
London-"London is crowded with
visitors awaiting the beginning of
jubilee week, when many will catch
their first glimpse of King George
and Queen Mary. Hotels are full:
restaurants are crowded: theaters are
doing a big business. and concession
naires are ready for one of the big
gest weeks they have had since the
war. But carefree spending is not
going to be as large as the British
hoped when they started to plan the
jubilee. Storm clouds on the conti-
nent, uncertainties which always pre-
cede a general election, and the tense
ness of the battle for foreign trade are
going to be submerged with difiiculty
during the celebration. British busi-
ness cannot forget them for long.
Domestic Outlook Good.
"Domestically the outlook is good.
More people are employed in Britain
now than at any time. The stock
market is steady. though turnover is
small. Outstanding feature is the
steady climb Of aircraft and heavy
industry shares, following the war
talk which has dominated the news
for several months. New issues are
coming out in greater volume, and
range all the way from steel to chain
stores. Idle money, nevertheless, re-
mains problem.
THE speculative rush to buy silver
eased this week, following the an
nouncement from Washington.
Among the more serious traders in
the city there Is general resentment
over the Roosevelt policy, the belief
being general that the entire pro-
gram has no more justification than
to win the support Of q few States.
"The bear attack on the curren-
cies Of the gold bloc has been re-
sumed this week, though with less
force sthan recently London Is still
Of the opinion that Switzerland can
not much longer cling to gold, and
that Holland will slip shortly after
any move by the Swiss
French Trade Lays.
Paris-"Unemployment is 10 per
cent below the February peak, but
business is not doing well. First quar-
ter tax receipts are IS per cent be-
low estimates. Sales tax returns,
sensitive barometer Of current busi-
ness, are 10 per cent below 1884. Gig
arctic and tobacco sales are down 2
per cent.
Trade negotiations with the United
States opened oficially this week.
France expects to receive tariff
equality with Belgium in the United
States market in return for minimum
rates on articles imported from the
United States. Stumbling block, If
there is one, is likely to be sardine
which are bound to affect
an industry politically strong in
France. First talks were hopeful, and
Paris expects q favorable outcome"
Reich Business Dull.
Berlin-"Business Is dull, with in
dustrial production showing no signs
OF new expansion. Export prospects
are not bright. With no signs of
wage increases this year, and with
the rate of absorption of the unem-
ployed slowed down, domestic buying
is likely TO show few gains. Stock
prices reflect this gloomy outlook.
Germans are attaching big hopes
to the expanding of trade with Latin
America. Berlin's greatest need now
is raw materials, many of which are
available in large quantities in South
America. German imports from the
Argentine increased from 10000, 900
reichsmarks in 1893 to $4,000, 900
reichsmarks in 1884. Imports from
Brazil rose from $4,000, 900 Reichs-
marks to 100000 reichsmarks, and
those from Chile from 20,000.000
-eichsmarks to 36,000,000 reichs-
marks. There has been little difficulty
to date paying for these products be-
cause Germany has succeeded in
most cases in balancing sales against
purchases"