* * German Finance The general situation in Germany now
seems more hopeful. The international bankers' conference at Basle had some difficulty in arranging for the extension of the short-term credits which Germany needs, but confidence was strengthened by the German trade returns for July, showing the largest exports and the smallest imports recorded in recent years. The figures, taken together with the remarkable increase of £5,000,000 in British exports for the same month, led the well-known German economist, Dr. Stolper, to suggest that the tide of trade depression had at last turned. Let us hope that it may be so, without being unduly sanguine. The figures have at least given those engaged in business some encourage- ment, which they surely need both here and in Germany. The leading German municipal authorities have co- operated in drastic proposals for economy in social and educational services which resemble those of Sir George May's Committee. According to the report of the Bankers' Conference, published as we go to press, all these measures will be insufficient unless they are accompanied by further long-term loans to Germany, and the conversion of much of her present short term into long term debt. The measures are, however, one indispensable preliminary to such loans.
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