Mr. Runciman's review of the year in his speech on
the Board of Trade Vote contained one point of curious interest which had not been brought out before. Twelve months ago, speaking of the home market's expansion, he expressed qualms lest it should have reached saturation point. The suggestion was much noted at the time, but events have happily falsified it. The volume of retail sales has not merely gone on increasing since then, but it has increased at a greater rate. In 1934 the improvement over 1933 was about 3 per cent., being spread pretty evenly through the twelve months of the year. In 1935 the first five months, for which figures arc available, show an improvement over 1934 of 41G per cent. The resilience of the home demand, apart from exports, had already proved greater than it was generally supposed to be ; but seemingly we are by no means at the end of it yet.
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