Export trade to Germany was fairly satisfactory during the first half of the year, while German industry was doing well and could therefore use large quantities of raw material, and while the number of unemployed was still negligible and everybody was hopeful. The gradual dwindling of industrial pros perity and the advent of bad times which became steadily worse as time Went on, were the cause of optimism giving way to pessimism and an inclination for watchful waiting to take hold of the German buyers, conditions which would have reduced German buying power in any event, even if the German banks had not considered a rigorous restriction of credits and a careful husbanding of their limited funds, an imperative necessity in the circumstances.
The result was a reduction in the volume of export business to Germany, which almost amounted to a collop: nothing but from-hand-to-mouth business in small quantities for immediate indispensible use being possible. ports to Germany on a small scale were possible during the latter part of the year, in most of the China exports articles for which Germany is a regular buyer, such as egg products, cow hides, wood oil, wool, feathers, gall nuts and one or two other articles, but only in very small quantities and mostly on extended credit, and no improvement in this line of business would seem possible while German industry continues to be shackled by the almost unsuraountable disadvantages enumerated above.
Text read from the printed page and cleaned; old type leaves the occasional error.