The most cheerful and convincing sign of Britain's recovery from the war is the rise in the cross-rate beween London and New York. Last Friday it touched 4, the best that it has been since the end of November when the sagging tendency was becoming more and more pronounced. For this we have largely to thank the sound work of our financiers, but that has been possible only owing 10 our reviving foreign trade and the ability of the country to carry the huge burden of taxation which our leaders have demanded. There is-always one feature in regan to this particular cross-rate which should not be lost sight of—Sir Auckland Geddes recently emphasized it—that not only is London the exchange for the United Kingioma but very largely for Europe. and it has to bear the effect of he whole of the disorganization of she Wuropean markets. With this in mind, we can feel that events are showing Great Britain in a really stronger economic position even than the rises in sterling denote.
Text read from the printed page and cleaned; old type leaves the occasional error.