INDUSTRIAL RECOVERY

Evening Post, Volume CV, Issue 89, 14 April 1923, Page 17

INDUSTRIAL RECOVERY

IMPBOVEMENT IN FBANCE SUBSTANTIAL. . •

Industrial »nd oommercitl f-ctivity in France daring 1922, as reviewed in the monthly bulletin of tha Federal Beserve Board, "wig marked by notable improvement in practically all branches of French industrial and commercial activity. Production wag high in most lines; cropi, with the exception of wheat, were good; railway traffic increased, and foreign trade, measured by volume, was materially in excesg of pre-war figure*; labour was continuously employed, and the savings of the people supplied capital for increasing the means of production, especially through the restoration of the . devastated regions. ... "Industrial activity, which in Janu-.... ary, 1922, had rebounded somewhat from the depression of 1921, continued to increase throughout the year. The figures for iron and steel are particularly im-, portant, as they give some evidence of. the fundamental change in French economic» brought about by the recovery of Lorraine. For December, 1921, pig iron production was 301,000 metric tons; in November, 1922, it had reached 513,000 metric tons. The significance of these figures is emphasised by the statement that French production of pig iron exceeded that of Great Britain in every month but two of the year. Production ; of crude steel increased throughout the -: year, though not on the same scale." 'The board points out that the trade \ revival has removed whatever unemployment existed in France during 1921. The high point of unemployment was reached in March of that year, when relief was - extended to 45,504 persons. From that " date the recovery was very rapid. During 1922 unemployment is stated to have - been at all times negligible. The trend is indicated by the fact that the number of unemployed #ided in Paris Je- ■ clined during the year from 4658 on 21st • January to 272 in October.