LACK OF CONFIDENCE.
One of the outstanding features of the present situation, and one which accounts to some extent for the pro- tracted industrial depression in many centres, is the manner in which at many centres large accumulations of capital exist, although at the same time there is difficulty in getting holders of these_ accumulations to embark their resources in projects which conceivably might be of a character stimulating general industry and trade. In the United States, in France, and to some extent in this country we have such a lack of confidence in the outlook that while money is lent at cheap rates for short periods and is placed in gilt-edged securities, there is often difficultY in getting the investor to take up long-dated loans. Moreover, this state of things is spe- cially emphasized in the case of loans made by nationals of another country.
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