World forces and business;

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VOL. XIII (QUARTERLY) N E W YORK, OCTOBER, 1930 No. 4
BUSINESS prognosticators tell us, in the
daily press, that the immediate future
of what is described as "general business"
looks brighter; that trade "appears" to be
climbing. Statistics relating to consump­tion
of electric power, freight loadings, com­mitments
for bituminous coal, building
construction, automobile and steel output
indicate, no matter how feebly, that the
bottom "may have been reached."
In the same columns one reads: "French
and German Shares Drop on Reich Election
Results," "London Stock Prices Forced
Lower in August," "Leading Copper Pro­ducers
Cut Price One-fourth Cent," "Mem­ber
Banks Report Drop in Earning Assets,"
"Eighth Paper Mill Closed in U. S. by
International."
A British writer observes that "there is
rather more hope in trade centers of some
recovery in the autumn, especially if the
outlook in India and China continues to
improve." But conditions in China are un­settled
and India is giving vent to her in­jured
feelings by attempting to boycott
British goods. Comparison of British Em­pire
trade for the first six months of 1930
and 1929 shows results which are anything
but satisfactory.
Mr. Coolidge says capital is the largest
factor unemployed at the present time.
Such a situation is only logical. American
manufacturers are apprehensive concerning
foreign markets because of a falling off in
demand due to retaliatory tariffs since
America has become a producing country
with an output in excess of domestic
demand.
So the condition of uncertainty goes on
apace. But history proves that such con­ditions
cannot continue indefinitely. Grad­ually
world conditions will become ad­justed.
The effect of the new import and
export tariff schedules will be apparent.
American manufacturers will learn what
may and what may not be done advan­tageously.
Uncertainty will be replaced
with at least a fair degree of certainty.
Confidence will overcome fear. Prosperity
will triumph over adversity. American in­genuity
will ensure to America its fair share
of world trade and profit.
In the meantime, there is little perhaps
which accountants may do to remedy con­ditions.
But there is no reason why they
should not maintain their usual poise.
There is no reason why they should not
be cheerful and optimistic for the future.
There is no reason why they should not give
their best thought to the individual prob­lems
of their clients. Accountants may
not be able to overcome world forces, but
they can keep themselves acquainted with
economic developments and help to orient
their clients' affairs in the situation as it
appears at the moment.
World Forces and Business