Meanwhile. all the indications point to a further measure of recove industry. The demand for coal and steel is still increasing, and the margin between current and potential output is probably less than 10 per cent. The majority of steel-consuming industries are raising their output. The textile and most other consumption goods trades are also fairly active and likely to remain so for some time to come. In sum, the business profits is on the and most industries should jably better this year than The position seems to be roughly as follows: The prospect of continued political uncertainty may continue to restrain speculative dealings in equities and to prompt many investers to maintain a higher cash ratio in their portfolios. On the other hand, in view of the prospective increase in business profits and the consequent rise in the yield on equities at current prices, I find it difficult to discover what is going to prevent a gradual upward trend in share values in coming months, despite the political risk and the probability of higher taxation.
Text read from the printed page and cleaned; old type leaves the occasional error.