THE COAL PROBLEM.
Before dealing, however, with what appear at the moment to be probabilities with regard to the develop- ments early in the new year, and the general prospects for the twelve-month, it may be well to recognize certain conditions which more especially tend to obscure the outlook. The principal of these, so far at all events as conditions at home are concerned, is the- great uncer- tainty as to the outcome of the coal crisis, for it is felt that the appointment of a Coal Commission last summer only postponed the solution of an acute problem which will press for sOlution in the near future. Moreover, so far as the evidence before the Commission has gone at present, I should probably be right in saying that the onlooker finds increasing difficulty in discerning a way out of the present deadlock. Not unnaturally, there- fore, that fact gives rise to a certain pessimism concerning the industrial outlook and in some quarters it is even feared that the year 1926 may be characterized by sonic great Labour upheaval. In what follows, however, concerning the outlook, it must be understood that expectations are based upon the general idea that while difficulties may have to be overcome, there will be no such upheaval as is feared by the pessimists. Similarly, with regard to such matters as international politics, the estimates formed with regard to 1926 could, of course, easily be upset by any unexpected political complications, but, just as in the Labour world at home it is felt that difficulties will be overcome, so the view is taken--: especially having regard to the Locarno Pact—that the general trend of politica developments will, on balance, be favourable rather than otherwise.
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