Mr. Roosevelt's Remedies for Trade President Roosevelt's programme for dealing
with trade " recession " is now fully launched. Its three features, each on a very large scale, are de-sterilisation of gold, public works, and public relief—the last given to employers as well as workpeople, and poured through a great multiplicity of channels. It will be interesting to watch the working of all three ; but at present the most effective bids fair to be the first. It amounts to a not inconsiderable inflation. Already dollar prices are rising to meet it, and the effect is said to have been perceptible on the London Stock Exchange, when it reopened after Easter. Mr. J. M. Keynes may well find his reputation rising too. But here, as so often happens, other factors are undoubtedly at work. One is the rapid rebound in French security values following the formation of the Daladier Government and the cessation of the Paris strikes. Another, of course, is the Anglo-Italian Agreement, which has been as well received in the City as anywhere.
