Finance—Public & Private
A National Crisis I THINE that to the most superficial observer it must have become evident that record figures of unemployment in this country, record low prices for Home Railway stocks and other securities connected with British industries, high records in the National Expenditure, record low figures in our exports, record high taxation, together with the recent record outflow of gold and raising of credits abroad to the equivalent of £50,000,000, to say nothing of the temporary enlargement of the Fiduciary Issue, indicate a grave situation in this country.
At the risk of being charged with ultra-pessimism, I have found it necessary for a considerable period now to take in these columns a serious view of the outlook, and unfortunately that view has been justified by the course of events. The country has been told by certain journals that all that was required was a cheery view of the outlook and free spending, but somehow or other the Cone method has not worked. Nor could it be expected to work, for it was only consistent with the ostrich policy.
Previous page