Show economic highlights that affect tits the ner boll Divi dividend dond cheece abid tax tax of arvery individual 14 national tiona and inta international i term Inea parable from current business developments havo have given cause tor for encouragement men t according to most of the loading trade journals tho the period of readjustment now dundek way offers increasing evidence that business la Is gradually from rom its worst phases phase 81 and that oven even though there have bave been no outstanding gains influences on ces toward further lier recession aro are mooting meeting sturdy opposition U 0 dun co observes that too much attention Is in being focused on cartae troph es a and nd not enough on the foundation that to Is being built steadily and quietly by those with patience fortitude and faith in the future particularly encouraging Is tho the fact that manufacturers whala wholesalers and retailers in general have cleaned out most of their old stocks mado made heavy cuts in inventories increased operating economy and have built up sizeable nl cash reserves tho the recent report of the timber conservation board to secretary 0 of f commerce Comme roo chapin forecasts th that t tt the lumber may be expected to improve during the present year the importance of the forecast may be measured by the tact fact tl tj t lumber la Is an eight billion dollar basic industry and that in normal years it employs more people than any other industry in eleven states tho the industry has made a ro re markab ld record in holding down output and reducing inventories Invent oried where demand in 1907 was tor for 47 billion feet it fell to 12 billion last year at the moment demand to Is running slightly ahead of production A paramount difficulty of the ln in austry Is taxation A number of major lumba states tax standing timber th thua us confiscating its ita entire value in a few years which forces wasteful cutting to escape sue such a penalty debate between foreign and american ship chip owners over U S government subsidies to tile the merchant marine grows more intense latest foreign blast came from the president pros ident of the british board of trade who said that many of the misfortunes of american cargo fleets were due to overbuilding over building which was stimulated by uneconomic subsidies secretary of the american ship owners association offered a vig alg orous dental denial he said tho the U S has launched less tonnage than any aay of the other great powers during the last fivek years and that we led the world in scrapping obsolete vessels it Is generally held by the shipping industry that federal subsidies idles which take the form of mall contracts are essential to meeting foreign oom competition petition prices of farm products are holding their own this was partly duo due to cold weather which reduced market and strengthened demand advances have recently been registered by grain cOt cottor tOTI hogs veal calves butter and eggs the vegetable market likewise improved because of freezing damage in the south during the first five months of the current season world consumption of cotton totaled 99 million bales as compared with 97 million and 81 91 million respectively in the same period in the two preceding years late reports on major industries show life insurance marked decrease in loans to policy policyholders holders steel Const considerable drable irregularity still marks the demand situation prices are spotty plans are now under consideration to stabilize prices by discouraging price shading which has been a disruptive influence in the industry during daring the depression automobiles tiro the steady decline in passenger car sales since 1929 was apparently halted last janu jo nu was apparently last nu ary sales bales tor for the ille month totaled units as 99 compared with 87 in january 1932 oil curtailment and arico structure situation in california which had been offering resistance vp OP general breakdown again became acuto acute recently wool little activity shown la in market with the new england branch of tho the industry making best record prices showed small declines collections fair in canada trad disappointing financial situ situation atlan of czechoslovakia slowly improving unemployment increase in france gorman german coal industry improving economic recession wait wag less pronounced in spa ln than in many other countries export trade in the united kingdom King doin has been restrained by export restrictions with slight alight improvement in some boaty industries january foreign trade in hi japan was considerably larger than in the flame month of 1933 1932 v |