Evening star., 1935-05-19
ECONOMIC CRISIS SEEN
AS WORLD TRADE DROPS
Imports and Exports of 100 Nations Less
Than in 1933-COld Bloc Gives
Evidence of Cracking.

gold) the unemployment problem Is
serious in Switzerland. With foreign
trade off 46.2 per cent of what 1t
was in 1929, it is natural that busi-
ness should be at standstill. The
hotel industry has been down-and-out
almost since the crisis began. Not
being an agricultural country, the
Swiss naturally import a great deal
In the way of foodstuffs, but the fact
that they get big advantage through
their appreciated francs does not
help. For every cheap commodity i'm
ported-grain, butter, meat, etc.-a
Swiss peasant farmer suffers.
The Swiss government also has been
unable to balance its budget for sew
eral years and the mounting deficits
have brought political difficulties. The
last three budgets have shown dficits
have brought political difficulties. The
last three budgets have shown deficits
of rs, 70 and Al millions of gold
francs. For nation the size of
Switzerland the amount is consid-
cradle.
If the Swiss leave the gold standard
1t is going to be increasingly difficult
for the French, Italians and Dutch
to hold out. The italian lira is known
to be supported almost entirely by the
Bank Of France, while the condition
Of Dutch banks is said to be solid. The
contrary was the case in Belgium.
I'VE abandoned the gold standard to
save the Belgian banks" said Prime
Minister van iceland. THE price of
their CQlUQ finn hnurouav will I1ax
tar1ly subjecting themselves to a cer-
tain amount of government control"
In France the financial crisis is
largely political. The budgetary deficit
this year will be between five and six
billion francs, officials admit Unofi-
cial and non-political observers fore
cast a deficit Of much more-1O bill
lions at a minimum and maybe Is.
If the Italians follow the Swiss then
the situation for France POLITICALLY
at leasD will be critical. The Italians
will want to follow Berne and Brussels
in order to avoid internal financial
chaos, while the Dutch have repeatedly
shown signs of having had enough
The inroads made by British and
Japanese commerce in their East In
dian markets have been catastrophe.
Japan Shows improvements.
Japan seems to be the only large
industrial country which shows steady
improvement. Her exports for 1888
| were valued at 1865, 300 900 gold, in
1884 their value was $377, 900 900 gold.
Her imports at the same time rose
from s379, 9,7o0,o00 gold in 1888 to
1897. 900. 900 gold last year.
In South America the Argentine re-
ports gain in exports but a decline in
imports. Argentine's 1884 imports
totaled 1922, 100000 and her exports
reached S288, 100000 gold. Imports
and exports for 1888, respectively, were
! 1928, ,90O,0 900 and S285, ,e00.0 gold
values. Brazil, the next largest South
American trading nation, suffered de-
creaseS both in imports and exports
during 1884.
Soviet Russia has at last hit the
| toboggan. Her economic condition at
first improved with the deepening of
the world crisis. While Britain, the
United States, Japan. Italy and other
countries were in difficulties back in
1881, Russian trade reached its peak.
But times have changed. The Soviet's
exports for 1884 were down to $216,-
100000 in gold values, a considerable
decline from the 1888 figure and way
| low when compared with the $685.
| 100000 gold dollar value of her ex-
ports in 1880. The U. 8. S. r. i'm
ported 568,6O00OO gold value in goods
! fy1 1noI. loef Infr sy,ay1 e.
tailed in gold dollar value only
| S119,700, 900.
Germany still continues to live on
her own flesh, as she did during the
four years of war blockade. Her un-
favorable balance of trade continues to
increase. In 1888 her imports were
valued, in gold, at $1,001, 300, 900; in
| 1884 at sI,046, 100000. Her exports,
which in 1888 totaled $1,16o, ,4Oo, 900
gold values, dropped to $979, 900 in
1884. How Germany is going to pay,
either her back debts or those she is
contracting these days, is an enigma.
Her gold reserve is negligible, amount
ing to only $36000,000 gold dollars
at the beginning of April. Against
that figure France, her potential war
rival, had a reserve of S3,238, ,000, 900
in her treasury on the same date.
Frances trade situation, however,
is good index of her industrial stag
nation. Her imports last year were
(Still quoting gold values S9O4,00O, 900,
as against $1.114,500,000 in 1888; her
export figures stood at $698, SOC, 900 in
1884 and s724,200,0o0 in 1888. Her
unemployment, although decreasing
now because of seasonal demands for
agricultural and building workers,
stands 100000 higher than at the
same period year ago.
Fascist Italy found herself slipping
again in 1884 with her exports drop
ping to $267000, 900 gold as compared
with S3l2,000,000 gold in 1898. Her
imports on the other hand rose by
about four millions. They were val
ued at 387,200,000 gold dollars In
1888 and 1891, 100000 gold in 1884.
Unemployment topped a million at
the beginning of the year but the
Fascist claim, through nationwide
adoption of the 40-hour week, they
have reduced it by 100000 to 955,553
at last official reports.
Great Britain continues to muddle
along. but despite her budget surplus
her trade continues to shrink FIX.
ports in 1888 were valued at $l,217.-
100000 gold; in 1884 at S1,l90, 100, 600
gold. Imports for last year were s2,-
047,50O,000 as against $2,070, 800, 900
in gold values the year previous. The
unemployed still number well over
100000 with 1,9l3.133 wholly unem-
ployed, according to last official fig
ures furnished to the League.
Across the Atlantic, as a whole,
conditions are improving if statistics
can be believed. But while Canada
showed good gains in both imports
and exports during 1884 the United
States trade reached the lowest point
yearly totaD since the depression