At the end of each year there is usually a
good deal of vague talk about the better trade that is coming, but in the City there is a disposition to wait for the speeches by the Chairmen of the Joint Stock Banks. These speeches, which within recent years have become an institution of our public life, are carefully considered judgments. If a true index to the prospects of trade and commerce is' to be found anywhere it is most likely to be found in these-speeches. If a criticism should be offered of these useful declarations it might be that they have erred sometimes on the side of optimism. Last year, for instance, the predictions of the bankers were not wholly fulfilled. Still, in circumstances, in which error is notoriously easy, we know of no better guides than the bankers.. In this issue our City Editor comments on the speech by Mr. F. C. Goodenough.
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