WILL TRADE REVIVE ?
Having regard to these circumstances, I find it difficult to indulge in any confident expectations of a further reduction in the Bank Rate immediately. Doubtless those who are fond of maintaining that abundant credit and low Money Rates are quite sufficient to start the ball rolling in trade might clamour for such a reduction, but what is the use of talking of influences of that kind if, when they arise, oppor- tunities arc completely lost to achieve an improvement in our industrial activities ? Here we have what should be nine months of truce pending the Report of the Coal Commission and, with a lower Bank Rate, it might be thought that there was some chance of bringing about a temporary improvement in trade. Not all the low Bank Rates or paper currencies in the world can, however, take the place of competition between countries, as expressed in brawn and sinew, individual effort and individual output per man. At present, there are few signs of this elementary but vital aspect of the industrial problem being appreciated ; and therefore it looks as though it were useless to look for any early trade recovery.
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