Finance—Public & Private
The Path of Recovery
I AM hopeful that the time may come when it will be possible to give a real Christmassy tone to the financial article in the Christmas Number of the Spectator. A year ago I had to present readers of .-this article with a rather doleful Christmas Card in the shape of a summary of some of the unfavourable developments of the year, though I see That I expressed the opinion that, given economy in the national expenditure, there were not wanting grounds for some hopefulness with regard to the outlook for 1932.
That year is now drawing to a close and, while a month hence I shall hope to make a more exhaustive survey of its main features, it may be useful to recall some of the features of the past eleven months, and I must leave it to readers to determine whether the slight hopefulness I ' eXpressed With regard to 1932 has been borne out by events.
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