On the whole, the conclusion seems to be that while the course of British business activity next year is not easy to forecast, the immediate outlook is not unencouraging. The improvement in the iron and steel industry will probably be maintained; for, as a result of the depletion of stocks, demand can no longer be met to any appreciable extent from stocks. The majority of metal-using industries. too, are likely to remain very busy, and production should further increase in those branches of activity on which Government expenditure is largely concentrated. Again, there are no indications of an early setback in the constructional trades, and the 25 per cent. decline in the value of new building plans passed by 146 local authorities between September, 1937, and September, 1938, as expected, was mainly due to the crisis. The figures for October were almost as high as a year ago. In any case, these returns do not include Government contracts. The textile trades, too, have benefited considerably from the spurt in new orders, and they have sufficient work on hand to enable them to maintain the higher rate of output for some time. Though it may, therefore, be hazardous to predict an immediate and vigorous expansion of British business activity, t can at least be said that there are no grounds for expecting an early resumption of the downward trend which was arrested last summer.
Hongkong Currency y Reserve Fund $10,000,000 Sterling Reserve Fund £6,500,000 Reserve LiABILITY oF
Text read from the printed page and cleaned; old type leaves the occasional error.