To sum up this survey:—Fundamentally, world-conditions in regard to industry and trade are sound, especially in contrast with 1929. The two major factors of an adverse character appear to be (a) In the United, States, the cumulative effect of government policies since 1933, (b) In Europe, the highly-strained international situation.
An improvement in either would open the way to recovery, and in both would mean unexampled world-prosperity. But if no relief comes from either source must we necessarily reconcile ourselves to a deep and lasting depression? Economic history lends no supp to an exaggerated estimate of the influence of governments and leaders on ultimate results, In the final reckoning it is the toilers and the brainworkers that make the world; and their will to live will assert itself. Natural forces will come into play in time and on this basis we shall have a genuine recovery in America, not the spoon-fed simulacrum of the New Deal,
Text read from the printed page and cleaned; old type leaves the occasional error.