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The article provides a survey of business conditions in different countries in the world as of April 1932. A state of suspense prevails in Europe with Germany and France awaiting election results. Stern budget is said to be disappointing in Great Britain although business tone continues to be good with government adopting a new exchange policy to protect the sterling. Japanese business expectations are cited taking into consideration aid to farmers and stabilization of exchange.

The article looks at the possibility that Germany will devalue the mark in 1936. Germany is said to be unlikely to devalue the mark unless its creditors will reduce its foreign obligations and interest charges. It is emphasized that the gold reserve of Germany to back its currency is only worth 28,000,000 U.S. dollars. The role being played by European countries particularly Great Britain and the Soviet Union in the strategy of Germany is explained.