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Show FRANCE HOPEFUL i FOR NEW YEAR f Begins 1920 With Greater Confi- fj denee Than It Did ' the Last . ,! - i E Tl PEFEAT OF MDICftS I lectltni etaalllie Interna) Condi- 1 tfnc Though Fall of Franc la SON I 6erit.ua Problem Study J. Financial Policy. k Tarl. Kraut e begnu tho new year 'H? with fur gralcr coufldencc than to p' Inst. I'Uls Is lu spite of formidable m' hntdlrnptf, nucli us the balance cC trade i uniting ngaltist her nt the rate of about 1,W)0,0K,tKWl frillies u month, about fiO per cent depreciation ot Uie exchuugo raluo of tho franc nnd Ibe conseiivteat dllTictilty of procuring mw uiaterinlK and machines urgeully nis'ded for reconstruction. "'ranee's reuewed tonlldencv Is derived de-rived dhectly from the lesult of thu repent elections. These nro regnrtlcsl here ns hnvlng tlellnltely slalilllzed Internal In-ternal politics, ended ull danger of revolutionary ngltntluu for somo time J to (nine and brought about n better at- ' tltude by capital nnd Inbor townrd tho J Immense eflort before rnuice. ( Money Is forthcoming for Investments Invest-ments lnpnthlug tlmt promises stability. stabil-ity. While the Investments In short-term short-term tiensury bonds nro 001111110 at the rute of nearly 2,000,000,000 frauis a mouth, there Is plenty of moneysor R Industrial aud cnmiuerclal ontcrprtlk's I and loug-lerm loans. Tho 4,000 Cw!H I franc loan to iirovlde luimevllute I rcsoutce for Indeinnir.vlng victims of Vi-iM the Inviislon was oversubscribed beforo B the ofllclal opening of the subscris- M tbms. Iiiiporlaut banks ami Indus- 1 trial couipanles have lately Itiei eased tlielr cnpllul (o an aggregale of nearly riOO,(KH),l)(l),000 fumes. Dig Trade on Bourse. Tratis-i. 01.1 t :i the Paris bour-p, which villi uie eonflned to ensb deuls, hnve exceeded 011 certnln days records of pie-vvar tiiidlng, when futures entered en-tered lalgoly Into the totals. The upward up-ward movement of ull Industrials which began before tbo signature of the treaty at Versailles, has heenun-(lipckisl heenun-(lipckisl by successive liquidation. This Is reguided by keen ulNvrvers heri rjs 11 mho sign of -economic recovery. re-covery. R Kmployers say Ihe Inbor sli-unllou Is 1 tmpiovetl ami tlmt (hu last strikes de- i xelopi-d flgns tlmt the workers theui- ' Mlves vvete bpcotnlng weary of long I continued illstuilialiccs of busintss. In- J dustry and transportation. They no J n tendeney apilnst frivolous strikes I and uu liiilicntlou dint only real grlev- U nnci's will Induer the wage earneis to 0 quit work hereafter. , I Disvntrii1l7atiou of capital nnd In- j (luftry Is seen lo the establishing lu Normandy of textllo Industries to re-plncp re-plncp those In thu occupied territory destro.ved by the war. Tills movement has been greatly extended by doveh-nient doveh-nient ot vvnter povv'er In the region of Hie Alps and the center nnd FOiuh'of 1 li u lire. Industrial leaders say that no pni titular region of Fuinee lie rentier re-ntier will monopolize any Industry, mid declare that this scattering will prove licui'lldiil and result In a more equable recovery pf all pnrts of tbo country. To Transfer Industrie. l'ow ei fill Utiuuclul groups nre at tlx hend of the movement to transfer lin-liortuiit lin-liortuiit liidusti'len from (ho coal region re-gion lo southwestern France, 'xvhero Water power soon will .be ovnihible. Other groups nro being formed lo develop, de-velop, munuriu'liirlug centers, near thn iijkiiul ii iii fiiittfm 4 lik rttxiit .1 coast bo as to reduce the cost or transporting raw iiiuterinls, Indus- 1 trial lenders su that this nctlvlty un J the part of'capltnl. supported by the J recover of labor from what has lieen Mk rhiirncterlptl 11s 11 wave of "laziness,"' JTy gives 11 healthy tone to (lie sltuu- "" tlou. Instahllit) of (he exchange value ot . the franc Is regatded us one of the weukest points In Kiench eondlttoiis. It Is pointed out tlmt Trance ennuot pay twice over at present high prkes for supplies she nerds, and ttnif Is what the present low velno of tho franc menus. The Krpiieh government Is ilniv sluilvltig u complete renovation of ihe tlnanelnl policy with 11 xloivio milking such pfovlHluns to meet obligations obli-gations ns will give greatest stability, both nt home and abroad. Details of the new lliiiiiiclnl policy nre nn yet not dWcliM.d, but It Is understood that It comprises a Inrgo Interior loan to take up nil short-term bonds ami ihMtlug debt, 11 11 tl Impoituiit Increases In all taxes to bring the revenues up to tho uiiniiul budget, estimated to requlro ' :2ll,(K,00,000 to ,i.i,000,000,000 francs. It Is not epeetcd that any Internal llniinehil iiiTiiiigeiuent can exert mortr i than n lu.iral luflueuco on the vuluo flj of tlio franc abroad, nnd this may be- B said to bo Ihu object of (hu grentest 1 anxiety In olllclal circles. |