FAVOURABLE SIGNS.
The very magnitude of the capital of these concerns conveys some idea of the importance of the undertakings and the vast interests affected. Both as regards iron and steel and coal, I fancy that we have arrived at the stage when industrial leaders are beginning to see that recovery from long protracted depression and ability to deal with foreign competition has to be sought along the lines of a fusion of interests, with all the economies and improved organization which the present situation calls for. We have rather a way in industry, as in other affairs, of " muddling through " to v:c tory, but there have not been wanting signs during the year which is now drawing to a close of a clearer recognition by Capital and Labour alike, of some of the main causes responsible for our present troubles, and also of the way in which these troubles can best be overcome.
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