TRADE PROSPECTS.
A further point to be bOrne in mind in considering the prospects for 1929 is the question of whether we are likely to see anything in the shape of a trade revival. As was the ease a year ago, so now to-day I do not think that there are any confident expectations of revival on a big scale, and in more than one industry unpleasant facts have still to be faced. Nevertheless, it may fairly be hoped that in the iron and steel, in the coal, and possibly in the transport trade we have seen the worst of the depression, and that conditions in 1929 will show some improvement. Some of the staple commodities, such as copper and rubber, and also certain other metals are showing a firm tendency, with increased demands by consumers, while there have not been wanting - signs of some improved conditions in China. In fact, speaking generally, the prospects of some growth in international trade during the year seem to be fairly good. At the same time, it is doubtful whether any revival in trade so far as this country, at all events, is concerned, can be expected to be sufficiently extensive in the near future to exert any disturbing effect upon monetary conditions, and for that reason it is not thought that financial activity on the Stock Exchange has very much to fear from trade as a competitor` for surplus liquid resources.
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