From Our Own Correspondent, London, Jan. 19.
There seems no particular reason to be unduly pessimistic about the trade outlook, or the economic condition of the people, though I admit there is much which is very difficult to understand. Thus take the tremendous volume of unemployment—the Municipal Bank at Birmingham took more money than ever-in smal! deposits in the worst time of distress last year, while large numbers of people are obviously still buying and holding War Savings Certificates.
The healthy condition of all gilt-edged stocks, and the announce. ment by the Treasuny that the "C' Series of the 5} per cent. Treasury Bonds are abidrawn is a great, testimony to the improvement 0: the credit of the nation. Less than a year the Bank Rate was 7 per cent.; it is now 5 per cent., and everyone knows that in a month or two's time at the most it will be 4} per cent. The long-term Conversion Loan has been a very great success, and will probably induce the Treasury to go still further in this direction.
Text read from the printed page and cleaned; old type leaves the occasional error.