THE OUTLOOK.
If, however, I am asked to say to what extent I con- sider the financial outlook has been affected by the developments of the last few days, I am obliged to speak with some caution. We have yet to discover whether France will accept the proposals or not, and without desiring to stress the fact that President Hoover's offer cannot be formally ratified until Congress meets in December, that point cannot be wholly ignored. It is also a - little too early to determine whether the action taken by America has come in time quickly to relieve the situation in Germany. Again, looking at the matter from the standpoint of the stock markets, it has to be remembered that much of the sen- sational recovery' of the past week was due to the over-sold conditions of markets and the great reaction from conditions almost of despair to those of great hopefulness. Finally, and it- is on this point that I should be inclined to lay particular stress, it has to be remembered that, while international War indebtedness and Reparation payments have been a disturbing factor for some years past, they have not been the only influence affecting the situation. In this country, in particular, there are other causes entirely unconnected with War debts which will have to be attended to before there can be a return of confidence or before any important revival in Home industries can be- expected.
ARTHUR W. KIDDY.
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