6 JUNE 1931, Page 30

Finance Public & Private

Causes of Industrial Depression— (I) Scientific

Ix this and in a subsequent article I want to try and place fairly before readers of the Spectator two views of a very different kind with regard to the probable causes of the present world depression, and in particular the depression in this country,-for it cannot be too clearly- or constantly recognized that while World Depression has been in evidence for about eighteen months, the depression in this country extends over many years. In this article I propose to deal with what, for want, of a better term, I will call the " scientific " theories offered with regard to the causes of depression, while next week I propose to summarize certain series of events which are universally recognized and admitted, leaving it then to the intelligent readers of the Spectator to form their own conclusions with regard to the causes of the malady which is now distressing almost all parts of . the world.