THE TRADE OUTLOOK.
It is obvious, however, that, as regards the latter half of the year, much must depend upon how far we succeed in solving our industrial problems. A good deal of the optimism felt in some quarters with regard to the new year is based upon the belief that there will be an expan- sion in international trade activity, some even believing that before the end of the year we may get improved conditions in countries like China and Russia of a character tending to stimulate general trade. In that case, of course, it may be that we shall see influences operating before the end of the year in the direction of a diversion of capital from securities to trade activities and that is a tendency for which holders of all stocks, and not least investment stocks, will do well to watch very closely. The effect of a revival in international trade upon con- ditions here, however, must largely depend upon whether, by reducing our costs of production and increasing our output, we are able to take our full share in such increased .activity.
Previous page
