Jan. 20.
When the adverse conditions under which the Postal Remittances and Savings Bank had to operate last year are taken into consideration the results abt: ed are stich as reflect very great credit upon those controlling the institution. Apart from China's share of the world depression, the situation so far as the Bank was concerned, we Such og that under mention did not prove to be a success. It is, therefore, only to be expected responsible for the its operations should have met the difficulties which they have encountered during the year under review and surmounted them as creditably as they have.
An average balance Di of $140 in the pass book savings for each of 166 depositors, showing an increase of 2,000 for the year indicates the growing faith that the small saver has in the institution, as does the average of $782 in fixed savings deposits. "It is for such people that the bank has been instituted and the manner in Such amiable ignorance itis not surprising that conflicting opinions emanate from less in- hi; formed if more pontifical qu ters. Signor Mussolini is neither ill-informed nor pontifical. He has a Finance Minister who has a reputation of considerable worth. It is interest. ing, therefore, to note that Il tice iS not at all confident. He. clearly believes that, although resident Roosevelt is reported to be pledged to avoid the printing press, the—monetary manoeuvres implied in the Message to Congress will be unable to achieve the price-raising feat in permanent wise. That opinion is not isolated; it possibly re-|th Would be a catastrophe if Pre: sident Roosevelt failed.
The chief ground' for satis faction in the move which the President has made lies in its absolute freedom from anything ike defeatism. This may sound inconsistent with the "trial and error" technique, but in fact it is not. The trial is made, not with the expectation. that error will be fatal but rather that it will help to make the trial com-Pletely effective by the pro of readjustment for which the President reserves a certain freedom of action. The source of danger lies in two. main directions: over and in. ternally. "The international 1 actions to the Message and its resultant measures may declare themselves first. They may, in the most hopeful view, tend toward general stabilisation. The period of adjustment may be dificult for more than one country, Great Britain is already considered to be occupied by contemplation of the possible effects on her own hardly-won extrication from the depression. There are other: development chiefly interesting to watch b cause of the Government's closer association with the industrial enterprises of the country, The President has taken the line that recovery must come from be: neath. He has given the American Labour movement a momentum for which it would have in vain looked had not the depression intervened, The issue thus created must create conditions which will require most careful handling. The employer is not as tame as he was in the early desperate, phases of President Roosevelt's drive. The employee has obtained, through the swol-Jen ranks of the Labour Federation, an influence which experience may not wisely exercise. If all goes smoothly with the dollar in its depreciated guls and the sagging of prices i checked, indeed, converted into further upward trend, the general spirit of confidence may tide the Government over awkward situations. The whole panorama is absonbingly interesting; new forces have been let loose, new are being tried. In this medley of trial and error, will the old or the new triumph or will a combination of both come eventually fo the rescue of a troubled age?
Text read from the printed page and cleaned; old type leaves the occasional error.