FINANCIAL CRISES.
Amidst such disturbing conditions, it is scarcely surprising that depression should have ruled in the world's markets during the past year, and that prices of commodities should have suffered a further decline. The world crisis, and especially the crisis in Germany, reacted with especial severity upon this centre by reason of the extent to which Great Britain had strained every nerve to aid the central European countries, and Germany in particular. At one moment in the summer it looked as though the clouds were about to lift when President Hoover suggested a year's moratorium in reparations payments and international debts. The offer was obviously prompted by a recognition of the repercussions of the European situation upon America's foreign trade and also by a vivid and sympathetic appreciation of the importance of the German situation being relieved. Almost every country accepted President Hoover's offer forthwith in the spirit in which it was made, knowing that for the proposal to achieve its real purpose promptness was necessary. France, however, delayed her acceptance, and however much her action may have been prompted by reasonable motives there can be no doubt whatever that the delay completely spoiled the effect of President Hoover's proposals. French withdrawals of balances from Germany followed, and as the situation. in Germany grew worse so it reacted on this country by reason of the know- ledge of the extent to which we had lent money to Germany.
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