REPORT ON ECONOMIC a_nd- GENERAL BUSINESS CONDITIONS IN FRANCE unniRy of r Hf 9 9 1926 u < i i i &.• Ufti- y (jr jm^Qjg PUBLISHED Ut the CRAMBRE DE COMMERCE FRANCAISE DE NEW YORK, Inc. 456 Fourth Avenue New York ¥ ifHF < -;Y FTMg FEB 181926 T Wf *6 Reproduction authorized provided credit he given to the Cha^nbre Tie Commerce Franqaise de New York, Inc. V New York, January 16th 1926. CHAMBRE DE C OMMERCE FRANCAISE DE NEW YORK, Inc. Report No. 44 FRANCE FOREIGN TRADE The official statistics contained in oages 2 and 3 indicate that during the first ten months of 1925 France's foreign trade has increased both in imports and exports, the former by a little more than 4% and the latter by nearly 8#. The increase in imports (* Frs. 1*398,500,000) bears on raw materials (* Frs. 1,155,500,000 or b\%) and manu¬ factures (* Frs. 245,500,000 or 6%) while the item foodstuffs has slightly decreased. In exports, with the exception of food products, the shipments of which decreased by 364,000,000 francs or ll%% 9 all groups of commodities participated in the total increase as follows: Raw materials * Frs, 1,513,500,000 (18 %) Manufactures * " 1,410,000,000 ( 7%) Parcel post shipments * ** 118,500,000 ( 7%) The favorable balance of France's foreign trade with foreign countries and her Colonies amounts for the first ten months of the year to Frs. 2,631,037,000 against Frs. 1,351,953, 000 for the same period of 1924. As regar* tonnage during the period under review, it hes decreased by 7,850,581 tons in imports, but increased bv 1,153.895 in exports. - - - o *- - - Below ore shown the official statistics Covering the foreign trade of France in October 1925 and October 1924, both as to value and tonnage: VALUE Oct. 1925 Oct. 1924 Differences IMPORTS (Thou sand f r a n c s ) Food products 902,171 803,172 km • 98,999 R8w materials 3,076,146 2,190,594 Mm 9 885,452 Manufactures 498,028 411,125 Mm m 86.903 Tota 1 4,476,245 3,404,891 * 1,071,354 EXPORTS Food products 362,458 349,096 Am 9 13 ,3 62 Raw materials 1,150,021 817,633 ♦ 332,388 Manufa c tures 2,646,669 2,209,713 Mm 9 436,956 Parcel post shipments 215,603 196,758 ♦ 18,845 Tota 1 4,374,751 3,573,200 • 801,551 2 ( c ort irue d ) TONNAGE Oct. 1925 Oct. 1924 Difference IMPORTS ( Tons ) Food products 504,289 498,768 *• 5,521 Raw materials 4,031,776 4,022,3 79 t 9,397 Manuf a c tures 107,342 118,601 - 11,259 Total 4,643,407 4,639,748 ♦ 3,659 EXPORTS Food products 135,884 167,874 _ 31,990 Raw materials 1,945,936 2,205,937 - 2 60,001 Manufactures 366,868 308,867 * • 58,001 Parcel post shipments 3,918 3,612 • 3 06 Tots 1 2,452,606 2,686,290 233,684 Table giving a comnerison of imports and exports in value and tonnage for the first' ten months of 1925 and 1924, FIRST TEN MONTHS VALUE imports 1925 (T h 1924 ousand fr Differences arcs) Food products Raw materials (1) Msnufactures 7,366,658 22 ,251,872 4,342,132 7,3 69., 079 - 21,096,287 * 4,096,678 * 2,421 1,155,585 245,454 Tota 1 33 ,960,662 32,562,044 * 1,398,618 (1) Including coal and by-products 2,399,111 3,202,785 EXPORTS Food products Raw materials Menufa ctures Parcel post shipments 2,826,262 9.997,883 22,055,038 1,712,516 3,190,342 - 8,484,370 * 20,645,208 * 1,594,077 * 364,080 1,513,-513 1,409,830 118,439 Tota 1 36.591.699 33,913,997 * 2,677,702 FIRST TEN MONTHS TONNAGE IMPORTS 1925 ( 1924 Tons Dif ferences ) Food products Raw materials (l) Manufac tures 4,205,657 34,247,474 1,007,382 4,761,347 - 41,367,554 - 1,182,194 - 555,690 7,120,080 174,811 Tota 1 39,460,514 47,311,095 - 7,850,581 (1) Including co8l and by-products 20,473,332 26,561,202 Yf .1 r l A ) t 3 ( c ont inue d ) 1925 1924 Differences EXPORTS (Tons ) Pood products 1,098,224 1,271,643 - 173,419 Rew materials 20,500,835 19,605,473 - 895,362 Mnnufcctures 3,411,083 2,981,760 * 429,323 Parcel post shipments 31,709 29,080 * 2 ,629 Tot a 1 25,041,851 23,887,956 ¥ 1,153,895 Number and tonnage of vessels which i entered and cleared the ports of France in October 1925 and comparison with October 1924. ENTER E D Oct . 1925 Oc t. 1924 No, of No. of ships Tonnage ships Tonnage French ships 863 1,133,499 823 1,123,111 Foreign tT 1,541 2 ,974.216 1,641 2.827,599 Tota 1 2,404 4,107,715 2,464 3,950,710 C L E A R E D Oct . 1925 Oct. 1924 No. of No. of ships Tonnage ships Tonnage French ships 637 896,3 04 602 752,080 Foreign " 1,190 2,516,851 1,159 2,201,142 Tota 1 1,827 3,413,155 1,761 2,953,222 Grand Total 4,231 7,520,870 4,225 6,903,932 The above table shows sn increase of 6 vessels and 616,93 8 tons as compered with September 1924. Number end tonnage of vessels which entered and cleared the port s of France dur ing the first ten months of 1925 and 1924. E N T E RED FIRST TEN MONTHS 192 5 1924 No. of No. of ships Tonnage ships Tonnage French ships 7,534 10,394,415 7,651 10,338,700 Foreign ” 14,698 26,574,406 15,962 25,279,282 Total 22,232 36,968,821 23,613 35,617,982 1 f .-V 4 (c ort inued) G L E A R E'D FIRST TEN MONTHS 1925 1924 No. of ships T onn cge No. of ships Tonnage French ships 6 .. 534 8,257,729 6,078 7.358.199 Foreign t! 12 .3 31 22,868,913 11,489 19.892,323 Total 18 ,865 31,126,642 17,567 27,250.522 Grand Total 41,097 68,095,463 41,180 • 62,868,504 The movement of vessels during the first ten months of 1925 has decreased by 83 ships but increased by 5,226,959 tons over the same period of 1924. Foreign trade of France with the main countries and her colonies during the first ten months of 1925 and 1924. IMPORTS FIRST TEN MONTHS 1925 1924 (Thousand francs) United States.;..;....'. Great Britain ......... ^elgium-Luxembourg..... Germany.. Argent ine..... Itsly.............. c ... Brazil.. Holland .......» . Spa in - Sw i t zer land.,..... Sweden.. Canada ... N or way....... ... .. ...... Jo pan. , Czechoslovakia. Other countries. Total Algeria... Indo-China......,... ... .... .... ....... Senegal,...„ Tun 1 s i a..... Madagoscar and'dependencies... Morocc o...,... Ot^er colonies and protectorates. Tota 1....... . Grand Total......... 4,850,982 4.455.080 2,444,621 1,858,483 1,293,948 1,290,245 1,079,837 1,007,238 648,635 592,984 408,211 300,822 231,577 225,533 137,978 9.52ly209 30,332,383 1,276,913 474,715 460,431 319,422 251,753 152,379 69 2,656 3,62 8,279 33,960,662 4,536.352 4.037,813 2.168,815 1,697,501 1,508.878 1,229,316 842.673 966.531 677,937 522,780 447,981 427,856 141,986 378,305 149,824 9,446,737 29,181,285 1,377,844 254,953 352,503 248,249 228,796 178,882 739 .532 5,3 80.759 32.562.044 The total increase in imports for the first ten months of 1925 was of Frs. 1,398,618,000. 5 EXPORTS FIRST TEN MONTHS 1925 1924 (Thousand francs) Grer t Britain.. Be lg ium-Luxe mb ourg. Germany.. i..... . United States.. Switzerland......... Italy. •••••' S pa In... . . Holland.. Arger tine........... Brazil.1 ............ Canada .............. J a pa to ... *... Czechoslovakia...... Sweden.............. Norway. .. ... Other countries. Tota 1 Algeria.............................. Mor occo................ .............. Indo-Chira.....«...........^« , . . ... . . Tunisia ^ ^^ ... . Senegal.I ......... Madagascar and dependencies...... Ot^er colonies and protectorates..... Total. Grand tote 1,,.... 7,397.417 6,087,256 3,182,183 2,453,133 2,371,548 1,770,141 1,116,919 985,601 648,780 364,899 290,852 201,221 138,789 107,255 72,630 4,414,745 31,603,369 2,195,838 675,157 590,785 441,764 308,156 297,650 478,980 4,988,330 36,591,699 6.500.457 5.886,569 3,000,951 2,637,572 2,168,998 1,161.571 948,361 958,226 594,452 293 ,289 290,306 186,809 77,688 127,315 74,759 4,827,3 47 29,734,676 1,941,447 561,344 466,877 431,795 239,321 130,289 408,254 4,179.327 33,913,997 The total increase in exports for the first ten months of 1925 was of Frs. 2,677,702,000. TAX RETURNS The October returns pertaining to the general budget amounted to Frs. 2,973,845,800 including Frs. 52,643.100 recovered on war profits. The regular receipts formed a total of Frs. 2,885,306,200, 8 decrease of 61,791,000 as compared with October 1924. For the first ten months of 1924 this revenue exceeded by Frs. 1,141,386,900 that of the same period of the previous year.. Direct taxes and monopolies produced in October Frs. 2,262,103,000 representing an Increase of Frs. 132,928,000 over October 1924 and a decrease of Frs. 86,564,500 below the estimates.' For the first ten months of 1925 this Item brought in Frs. 17^979-,991,000, i. e. 176,620,000 more than the estimates and 1.482,413.500 over the hesult of the same period of 1924. The sales tax yielded in October Frs* .376,256,000 which, as compared with the estimates and receipts of October 1924 mean's decreases of Frs. 51,711*000 end Frs* 52,314,090 resnectively. For the first ten months of the year the selbs tax produced a revenue of 3,710*199,000 viz. 158,665,000 over the estimates and 339,007,000 francs over 1924. 6 The October collections of the Registrar’s office for the stamp dues, imposts on Bourse tradings and on revenue from securities snd the luxury tax on transactions by other than tradesmen tot .led Frs. 1,030,704,000 which means a decrease of 52,384,000 (5$) below the estimates and an increase of 95,560,000 (10$) over October 1924, the latter resulting mainly from taxes on the exchange of stocks, the sale of real estate and the schedule of securities. The receipts of the Customs Department which include the taxes on mineral oils, colonial produce, gasoline, benzol, salt and sugar, amounted in October to Frs. 203,912,000 consti¬ tuting a shortage of 10,430,000 as compared with the estimates, and 8n overage of 5,867,000 over October 1924. The Indirect Tax Department collected in October Frs. 650,813-, 000, i. e. 28.077,000 more then estimated and 83 . 636,000 o'ver 1924. ‘The excess in revenue was yielded prin¬ cipally by the tax of 30$ on. r spirits and taxes on sugar, wines and cider, automobiles and railways. The receipts belonging to the budget of the Postal Department are not' included in the above figures: they amounted to Frs. 148,455,000 which is 7,519,000 ov°r the estimates end 22.654,000 over the collections of 1924. Revenue yielded in October 1925 by indirect taxes and monopolies and comparison with October 1924, October 192 5 October 1924 TAXES (Thousand francs) Registration. 579,953 ♦ 58,767 S tamp due s.. 120,552 • 21,165 Stock Exchange transactions....... 13,3 99 * 5,591 Secur it ies ..... 315,915 * 10,418 Luxuries .. 885 mm 381 Seles tax...... . 376,256 - 52,314 Cus t oms duties............ 132,120 * • 862 Indirect taxes........,...* 392,221 * • 63 ,225 Colon la 1 produce^. 19,807 A. • 194 seit...... 4,397 * 382 Sugar... 40,527 • 5,902 Oil and gasoline,... 37,823 * • 4,864 Benz ol.... 1,212 463 MONOPOLIES: Indirect taxes 8nd miscellaneous exploitations..... 227,03 6 ♦ 14.716 Tote 1...... 2,262,103 ¥ 132.928 Grand total for the first ten months ..... 17,979,991 * 1,482.413 PRODUCTION AND EXPORT OF IRON AND STEEL Because of the increased domestic and foreign demands, the latter induced by the depreciation of the franc, the production of pig iron has in October reached 739,000 tons against 717,000 in September? that of steel attained 668,000 tons against 632,000 in September. The estimates covering the output in November and December tenet to show for 1925 an approximate production of 8,500,000 tons of pig iron and 7,650,000 tons of steel as compar¬ ed with 7,657,000 and 6,907 r 000 tons respectively in 1924. A ! ( li- . * • * . • ' ' ■ '* ' - ■* ? * f * r r ‘ "t • - ’ * r v J • ■ , , ■ ~ r ' ’ f ■ ’ . .. • ...» ' . " ft* ' ? t *1 i % ‘" r: • ' r BT* \ * . * +<.*•• * t • . 4 ‘s * ■ - ... . r • 4 - i : f i • » • '» .• r 1 ‘ ' t • _ r* k •? v. » . .• - «••• ■. .. • ► .%.. * M •>d . ^0 Sl m c i ; .. i .i • • h £ 7 Exports attained ir October 50,000 tors of rig iror md 220.0°° tors of iror and steel products against 52.000 and 3o$,ooo tors respectively ir September. Heavier exports rre ex¬ pected for November ord December. COAL AND COKE PRODUCTION Prerch collieries dug out ir 26 working davs of September 4,050,677 tors of cool ogoirst 3,864*812 tors ir 25 workirg dcys of August, Ir October with 26 workirg days the pro¬ duct ior wos 4,277,819 tors. The cool mires of France located withir the old frortiers succeeded ir producing o doily overage of 141,638 tors which means .. r increase of about 5,500 tors o day over the 1913 output. The Lorraine collieries have beer producing besides an average of 16,800 tors per workirg day. The coke overs annexed to the French collieries hove turned out in September 262,564 tors and in October 275,737 tors of coke against a monthly overage of 2 45,000 tons ir 1913, IFON ORE PRODUCTION There were dug out in September 3,090,000 tors of iror ore ogoirst 2,968,000 tors the previous month. CARLOAD INCS The average number of freight cars loaded doilv ir October was 66.542 against 64,107 ir September ord 60,143 ir Augus t. AUTOMOBILE IMPORTS AND EXPORTS year: France bought during the first nine months of the 12,669 automobiles 785 " 84 " 60 " 115 n from the United States " Italy " Belgium " Great Britain n Other countries making a total of 13,713 cars valued at Frs. 112,637,000 ogoirst 9,913 cars valued at 79,188,000 francs ir the same period of 1924. follows: Imports of trucks and commercial vehicles were os Fr om Great Britain 75 Tt Belgiurn 11 n United States 11 it Other countries 15 Total 110 representing a value of 923,000 francs, ogoirst 91 vehicles worth 697.000 ir 1924. Or the other hard France exported care and trucks during the period under review os follows: Total Exports 1925 1924 Cars 42,670 31,584 Value Frs. 1.386,116.000 914.870,000 CU i i * =»*t M 23 3 f'-'orr v 0 Qrj f v/ rf - ( '7 A 2 ' '-'^o • '/"■<' 8‘ - ■'> or: 9 rf ._t 8 v' *3 h t i tJ o c ! » ** * <• ' g/roJ 8?.3,IM lo e^n " ' * * r T Jo^OO rr/ fc r tojjbo'iq i ’ "4 i'\ ♦ £> * 4 f T *>rf^ • * A > 1 • " •. t , r J rr/ 3no ^n t 1,5 ierrlo^o I 00 3 2 rf 3 t v; «1 do / 9 ’ • . • • • • ■ vc v f j £b a '■cr, 3 003,3 3u Oi • . _ v r. 38 '• *T J3 3 < j"OC7''' *TO rr j ** f* '* * r.__ ■ ' ■ «*•- rj , tv | ~ 9 V 0 v 'voJ * •- -* » _ ■ • i r .. r. u,£ 9 - ---r -,C. 1 IJ ’ fr- 3? - r ■ ' *j • -• r« y rt p < » -» • ♦ v» : ro r sir-'- • : ■:•■> j 00 ■ srro.J 000 .c ... - : ■■ . X . ■ • V £ x . £•2* *5o e^GTisvo y {ri TO 9 8 Ct 9'TO 9j o no J 8 fto J 006,6/ */. //loo errl rei /'to'll • Iticr juo } T -w t/ V// rr ? f” o tfofi i r ;» f-««r »3 r.rr ° '’J. f\ VS O'-'-'. ?* f 7 r r fiTKf 4 TO T *> n - n i - * , . . • j\U j cf rr :...vr C9/j -U ■ :• . • . . { ‘ r !TT.? V.f • ' '• ' rf ■»< : 'll *v _ c* * j y .\ p '* r-.x If . • r •J r 8 ->: : 8 ' ♦ ' u( s>«j n T t JjJi ?V O".;:0 CIV,-/ 000,881,9V / • . •■ io r > ."t £ ■ j TT 53 4 ojfcjj'rJ Jo r.J Toon !; -- >-r r\ xm .I -r no t •i w u J BSfr ’ Jf 8f|T X9.P r©8 0X1 •/or 3 rr r t ' y&b t / t/ OOO.VP3 rf*«., • •• ’ • •« V** ,• ■ ••• c inn ^ r r a p r r 1,0 • ♦ I . r X *» 8 * True ks Ve lue 192 5 3,643 Frs. 132.051,000 Total Experts 1924 3,131 98,868*000 The mein purchasers were as follows! Cars True ks l Great Britain 12*386 265 Spa in 5,831 367 Be lg ium 5,129 : sol Algeria 3,638 312 Germany 2,272 344 Switzerland 2,258 809 ALSATIAN POTASH SALT PRODUCTION The October output of the Alsatian salt mines shows a greater monthly result than had been so far attained. as will he seen by the figures below: Oct ober Oc t ober Oct ober 1923 1924 1925 * ( Tons ) Svlvlnite 12/l6%.. . . „ 27,500 23,500 30,000 Sylvinite 20/22%........... 47.150 63,900 50,000 Chloride 30/40%.. ... 7,700 4,000 11,500 Chloride 50% and above. 13,600 16,300 19,000 Tot81 saIts..... 95,950 107,700 110 .500 Pure potash... 23,700 26,900 29,500 This development has raised the total for the first ten months of the year 10% above the result of t he s a me period of 1924 and 26% above that of 1923.. WHOLESALE PRICES (Basis 100 for 1914) The wholesale price index as recently published by the Statistique Generale de la France is as follows: No. of End of- articles Oct. Nov, General index... 45 584 618 Food pr oduc ts.*. . 20 480 500 Vegetable foodstuffs... 8 490 517 Animal foodstuffs...... 8 466 477 Sugar, coffee, cocoa... 4 492 515 Industrial commodities. , 25 675 722 Minerals' and' me tals. . .. ; ■ 7 651 674 Textiles.h ........ :. 6 783 875 Miscellaneous. 12 626 658 RETAIL PRICES (Basis 100 for 1914) Below is indicated the retail price index covering the cost of living In c few of the main cities of France for a workman’s family of four persons: Paris Nancy Third quarter November 1925 1925 401 301 9 Di j on October 1925 442 Lyon September first 361 Marseille October 23rd 448 Bordeaux September 30th 413 Rouen October 1925 406 Gross receipts of systems of France first to November Kilometers the railroad from January 11th 192 5. Differenc es in favor of % in 1925 1924 1925 per Lines ol— rat ion (Thousand f rones) km.. State Rys. 9,064 1,231,990 1,101,075 130,915 11.80 P. L „M. 9,781 2,330,980 2,041,460 289,520 14.18 Northern 3 ,830 1,334,360 1,215,738 118,622 9.76 Orleans 7,469 1,118,925 1,004,409 114,516 11.40 Eastern 5,027 1,157,141 1,075,141 82,058 7.63 Southern Alsace- 4,233 527.661 461,514 66,147 13.28 Lome ine 2,266 684,511 636,132 48 ,379 7.46 Tota 1 BOURSE 41,670 8,385,568 7,535,411 850,157 11. 15 Owing to politics! end financial considerations trading on the Bourse has "been of Iste considerably restrained, the consenuence being a general downward tendency. It is note¬ worthy that the fate of the franc does not seem now so involved as certain interests have wanted it to appear. Under the circum¬ stances buyers are inclined to scrutinize’ the Quotations on foreign securities a number of'which hev»- reached too high levels under' the recent rush of orders. The movement in favor"of foreign stocks has therefore rescinded to a great extent. On the other hand the fear of new taxation on business profits has turn¬ ed buyers again toward French rentes and the 3$ perpetual is ranidly improving, the issues of large banking institutions end chemical undertakings following this localized upward trend in spite of everything. FRENCH COLONIES AND PROTECTORATES COTTON EXPORTS IN 1924 The Customs statistiques furnished the following \ figures in regard to the exportation of cotton from French colonies in 1924i Kilos Ind o-Chine Senega 1 Togo Mandate (9 Dahomey Ivory Coast New Caledonia S ud a n Guinea 3 ,394,256 948,357 months) 917,575 321,447 262 , 825 110,964 84,484 65.542 . v- /.• '• . ' % ’ igX * f ' ; DT a ot 65S, £0S t £ TM5,8~ 9 ST 1 . *VI£ f erft'ron orrlrfO-o fc^T leaorr >f‘ 9) eJafcrf M oaoT r'ad if R 90 17 *1D vf a t ct o f r i o v. ? i’ 10 FOREIGN TRADE OF FRENCH INDO-CHINA Official statistics regarding the year 1924 indi¬ cate for French Indo-Chine a foreign trade of Frs. 3.160,00^,000 representing Frs. 1,388,000,000 for imports and 1,771,000.000 for exnorts. The share of France end her colonies in this trade amounted to Frs. 712,000,0^0 for imports and 346,000,000 for exnorts. FOREIGN TRADE OF THE IVORY COAST IN AUGUST 192 5, The foreign trade of this colony reached in August Frs. 21,055,753, of which 8,772,318 for imports and 12,283.435 for exports. In August 1924 the total foreign trade had been Frs. 19,734,558, i. e. imports Frs. 7*718,809 and exports 12,015,749, The main imports ere flour, rice, tobacco leaf, wine, textiles and iron and steel products, while the principal exports are tropical woods, palm kernels, cotton, palm oil, coco8, glue and hides, GABON f S FOREIGN TRADE The foreign trade of Gabon during the first quarter of 1925 amounted to Frs. 15,607,154 made up as follows: With France 9,760,181 francs " French colonies 695,148 " " Other countries 5,151,425 ” which represents en increase of 150$ over the some period of 1924 The total imports in the first auorter of this yesr amounted to Frs. 10,258,555 and the exports to Frs. 5,348,599 which means for the former an increase of Frs. 5,519,356 end for the latter an increase of Frs. 3,482,574 over the first three months of 1924. The increase in imports is evenly distributed on general merchandise, bearing mainly on foodstuffs, textiles and metal goods. As to exports, the shipments of tropical woods are almost entirely responsible for the advance, especially those of okoume which increased from 36,258 tons (Frs. 1,026,335) to 59,207 tons (Frs. 4,037,157). The shipments of other cabinet woods aside from those of ebony increased in a much smaller nroportion. CHAMBRE DE COMMERCE FRANCAISE DE NEW YORK, Inc. •f-' t ^ o (| *50^ C'T0dP! > .’foJff"'' >Wf