By the time this reaches the read g's hands one of the most gene ally prosperous years in America's history. will have closed. Certain-1925 is well up among the top years for sales to consumers. Mail~ order sales, bank clearings, railway ear Tondings, iron and steel out FNE and consumption of textile raw materials—to mention only a few of the outstanding indices—have all done well, and continue to advance. An extremely active winter is recorded from many parts of the country, with every likelihood of continuing to the spring.
The cumulative totals hand are sufficient to prove that all the major lines of industry have been operating at the highest rates since the breaking of the post-war boot "while such important. div as building," (says the "Me dustrial Digest") "iron and steel production, and automobile makin promise new high annual totals. Furthermore, financial reports which have been appearing during the last two or three months demonstrate that the gains in produetion were accompanied -by better margins of net profit than was generally admitted during the early part of the year. Despite the un-yest in certain Inbour channels, there can be no doubt that the United States has enjoyed during and bids fair to enjoy 16-4 prosperity that many er countries might envy. Nate rally, there are some sore spots. It could not be expected that everything in commerce and industry should be at the topnotch of success and remain there, But throughout the country one meets prosperity, in certain parts there are evidences that no such prosperity has ever been recorded, and in other states the prospect ix that. such conditions mut continue for a long time to come.
What is the Outlook for 1926?
I remember at the start of 1925 writing an article for the "North China" in which I stated that 1925 would be one of the most memorable years in this country. In certain phases of industry I made predict jons that have m in predicting what would happy general commerce I way merely relying news in advance, often that a writer can off" with such signal success when he is prophesying in economic matters. Aw this New ¥ about to break upon this country, however, he would be 1 bold man who would indulge in similar definite predict tion. There can be little fea however, that activity in manufac: turing sind trade will not he sustained.
One would also be inclined that export trade, par fon the other ide oF the Atlantic will be quicken=
Export Trade The improved international situa. tion, better than it has been for a decade past—except, of course, Franee—should considerably stimu. late outside buying from the United States. With France ities, in which the "very foundation' of the finance of the State seem to be involved, there can be no hope for much buying from that quarter, but practically alt other countries in Europe will" doubtless turn to the United States for many supplies, The European outlook has been made brighter by the stabilization of currency, the settlement of debt questions, production in industry has been speeded up, and the Locarno pact. All adds confidence to export trade.
So far us trade with China i concerned, T do not see how the present situation in your country can assist the upbuilding of constructive trade with the United States. During the past few year however, China's purchases from America' have continued if not to
Text read from the printed page and cleaned; old type leaves the occasional error.