31 DECEMBER 1927, Page 23

FAVOURABLE FEATURES.

A superficial examination of some of the features of the past year might, I think, easily lead to the conclusion that economic developments during 1927 have been more favourable than is actually the case. If, for example, one records such facts as money rates having been rather easier during the year, securities having risen extensively, the Bank of England's holding of gold having increased on balance during the year, the British pound having greatly appreciated in terms of American currency, and Continental currencies having been steadier, it might well be supposed that the year had been not only a prosperous one but one in which economic strength had been displayed.