. • PATIENCE AND CAUTION.
It is, however, I think just as well that markets have been thoroughly restrained in the matter of advancing prices on account of the resumption of the coal output. The plain fact is, that even if we take an optimistic view of the situation, and regard the tide of industrial depression as having " turned," nothing can alter the fact that for some months to come the harmful effects of the coal stoppage, are likely to be more apparent than the improvement in fundamental conditions which may be taking place all the time as a consequence of the resumption of the coal output. We are now approaching the end of the year, and reports and balance sheets of some of the big industrial concerns, including our railway companies. cannot be expected to reflect tlie'good things to come, but they will most certainly reflect the ill effects of what has already taken place. The same thing is also true in a different degree as regards the national balance sheet. Much caution and patience will probably be required so far as the next few months are concerned.
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