A NECESSARY RETROSPECT.
Even to those who do not follow financial affairs very -closely, it is a matter of _fairly general knowledge that, as a consequence of the War and the developments following the War, the belligerent countries in Europe became so indebted to the United States as to cause the New York exchange for some years to move overwhelm- ingly in favour of America. An enormous stimulus was given to commercial and productive activities in the United States which in turn added greatly to the wealth and the investing power of the country. A few years ago, however, thanks to the sounder financial conditions estab- lished in Europe, the economic position and also the credit standing of the European countries began to improve, and there was an overflow of the national savings in America into foreign securities. Commercial .rather than Stock Exchange activity was then the order of the day in America, and this great activity of America in making loans abroad offset the effect upon the exchanges of European indebtedness, so that our own exchange _became firmer than at any time since the War.
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