12 MARCH 1932, Page 44

SWEET ARE THE USES OF ADVERSITY.

Briefly, I would say that much of the present im- provement is directly traceable to the attention paid to the severe experiences of last autumn. It would be a pity, therefore, if we were to miss the full measure of pro- sperity by building too greatly upon the first signs of recovery. Much has to be accomplished and many obstacles have to be overcome before the economic position of the country gives cause for a full return of confidence.

ARTHUR W. KIDDY,