TILE EXCHANGE FACTOR.
Although, at the moment, conditions in the " newer " countries of the world show little sign of improvement, their position should have been improved by the deprecia- tion of the pound. The burden of their debts must have been reduced, since the products which they- export t') this country command a larger amount in sterling than before. In the long run, however, the countries producing primary commodities must depend on a renewed world demand at a reasonable price, and even in the most favourable circumstances, their recovery is likely to be a slow process. If the lessons of the past few years have been learned, there will be a severe repression of any tendency to go ahead too rapidly. A. H. D.