Finance—Public and Private
Fancies and Facts
THE casual newspaper reader may well be excused for any mental confusion with regard to the present state of trade and the national credit. He is told on the one hand of great trade depression and on the same day he learns from the Chancellor of the Exchequer . in one of his many optimistic public speeches that the trade of the country is again "in lull swing," while he finds the results of our foreign trade during the month of- August described almost as though trade and industry were booming. And, again, when the Government offers a Conversion issue of Bonds during the past week to replace maturing debt the hearty response given by the investor seems to indicate conditions of prosperity both as regards the Public and the Individual Purse. I think that this confusion of thought is due tO the failure to observe present-day incidents and develop- ments in their, true perspective, and I want to summarize as impartially as may be possible some of the actual facts.
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