Here the armament influere is perceptibly at work, an influence that was absent in the last recovery Industries in which early, though very gradual, improvement' could be anticipated would include the rayon and woollen texile trades, automobiles, chemicals and footwear. The electrical equipment industry has been operating throughout at near capacity and though there has been some setback as compared with 1937, unemployment is still only 6 per cent. The building trade also has withstood recession remarkably well, though the outlook, if plans approved be any guide, is, in the housing section at any rate, far from promising. Similarly, general engineering has had a long and successful run, though here again the downward trend recently evident is expected to continue. Coal shares have lately been prominent in market dealings for reasons which, in view;]of the disappointing home and export sales trend, seem hardly adequate. The consumption trades were gravely affected by the crisis and will continue to be hampered by high taxation. Last in the recovery queue come shipping and shipbuilding, allied trades dependent for their prosperity on international trade and therefore on the temper of international polities.
The political situation is, indeed, the ultimate determining factor. On the whole, the industrial horoscope is better than seemed likely only a few months ago. The "pause" in recession has now lasted, broadly, since the early summer.' The ensuing trend may be upward or downward, though available evidence leaves at least room for hope that we have seen the worst of the present slump.
Text read from the printed page and cleaned; old type leaves the occasional error.