26 MARCH 1932, Page 30

Finance—Public & Private

The International Outlook

Ir it were possible to base a forecast with regard to the financial outlook merely upon domestic conditions, a good deal might be written of a moderately favourable character. With our. faces turned in the direction of economy in the National Expenditure, with a balanced Budget in prospect and with a partial revival of confidence at home, there arc some grounds for greater cheerfulness. Indeed, these favourable features in the domestic situation gain, perhaps, in emphasis by contrast with conditions in some other countries. Some two or three years ago, for example, when we were confronted with heavy deficits in the National Balance Sheet, the United States was rejoicing in colossal surpluses. To-day, when we are hoping for at least a balanced Budget, the United States is faced for the second time with the prospect of a huge deficit at the end of next June, the estimate at the moment being, in fact, for a deficit of the equivalent of something like £500,000,000.