Apart from the automobile industry whose staying power has been much commented upon building construction is the brightest spot in the business picture. According to the latest forecasts, expenditures in this field in 1939 may well reach $8,000,000,000 or—$9,000,000,000, of the highest level since 1930/31.
If, all in all, sentiment is heavily leaning to the conservative side as far as heavy industries prospects are concerned, it is rather skeptical when it comes to the problem of effecting the much desired transition from the pump-priming recovery to a long-term recovery carried forward by business itself, Much, it is felt, depends on congress and its willingness, or ability, to influence new deal trends. While due to the recent swing of the political pendulum towards conserva. tism, the legislative outlook, from a business view point, is perhaps more favourable, there remain many possibilities for unsettlement. Better ce-operation between government and business, it is true, seems to he the keynote for the period "^ead-but the administration's P^w found symbol of national unity and national defense has great potentialities. Amidst the confusion currently exuding from the new deal quarters, it is daily becoming. clearer that attempts may be made to present in the wrappings of national de-tense many administration policies definitely not in this category. Reforms wanted may be pressed as corollaries of the programme for national unity, atid more control Over business may be the real aim om many plans mis-labelled otherwise, Briefly, it is feared that the administration may have found a [os crusade, new basis for resumption of its re-
Text read from the printed page and cleaned; old type leaves the occasional error.