6 JANUARY 1933, Page 33

A NEW Erocir.

At the same time it is clear that financial and industrial recovery must almost necessarily be of a gradual and probably a slow character. It is not only that the depression has been widespread and prolonged, but we are manifestly entering a new financial and economic epoch when new monetary policies and possibly new monetary and currency standards may have to be set Up. In fact, the nations are feeling their way and are unconsciously, no doubt, groping towards new political, (Continued on page vi.)

Finance—Public and Private

(Continued from page v.) social and financial foundations. Indeed, it might

PP almost be said that while at the beginning of the year there is rather more hopefulness with regard to the outlook, the really hopeful factor is the realization by many nations of the possibility of almost inconceivable disaster if nationalism and unrestricted competition in tariffs and other forms does not give place to inter- national co-operation of a character calculated to strengthen the foundations of peace and, therefore, of confidence and of true prosperity. ARTHUR W. KIDDY.