A leading article in Friday's Times draws attention to the
fact that a more hopeful feeling is growing up in regard to the prospects of trade, and that the feeling of depression which has undoubtedly prevailed during the past three or four months is tending to pass away. Not only are the iron and steel industries doing well, but the return of paid clearing " of the London banks shows an increase which, even making allowances for the effect on the money market by the issue of new Consols, is a very satisfactory indication. The railway traffic returns also support a fairly optimistic view of the situation. In a word, the Times argues, and, 'we think, on solid grounds, that the progress of the con- traction inevitable after a period of great commercial activity such as was witnessed in the closing years of the century just completed has been remarkably slow. A sharp reaction was to be expected, bait has not taken place- Another interesting point is made by the Times in regard to the fall in the price of coal. This indicates a certain depres. sion in the coal trade, of course, but it is a source of strength to every other industry. But though we agree that the com- mercial outlook is satisfactory at present, it would be a mistake to ignore that there are also rocks ahead. If the Steel strike, as it conceivably may, seriously affects American trade, we shall suffer sympathetically, while if, as seems therethan probable, there is something like a commercial crisis in Germany, or. at any rate, a great wave of industrial depres- sion, we are bound to bear our share of the burden.
Previous page
