11 JANUARY 1908, Page 2

The New York correspondent of the Times has an interesting

letter on the outlook in the United States in Monday's issue. On the whole, his conclusions are re- assuring. The crops have been good, the panic has subsided, cash payments have been practically resumed, and by next week the currency will be enough for all purposes. But while there is a reasonable prospect that something will be done to punish or remove from positions of trust and power those who brought on the present troubles, serious obstacles are interposed by the law's delays and the apathy of stock- holders. They have, however, considerable excuse in the cost of litigation, and the fact that "if restitution were made, it would be to the corporations, of which, in all probability, the same persons or their dummies would remain in control." It is anticipated that the proposals for currency relief will originate with the Senate Finance Committee; but their nature is not yet known, though it is stated that Mr. Aldrich, "who really controls the situation, will have nothing to do with the central bank suggestion, the American Bankers' Association, or an asset currency." Industrial con- ditions point to a gradual recovery, but the demands for labour are still far below the level of last autumn.