There are apprehensions, perhaps unfounded, that the rate of expenditure is already: threatening to exceed the national income. The financial and economic facts call insistently for a strong direction of economic policy as a whole, to ensure the most efficient supply of ever military essential and to maintain the life of the nation at.the highest level of profitable activity, Government controls are required, but in the establishment and working of these controls it must be remembered that the economic life of the country can' only be stereotyped at great risk. Bind the stream of life too tightly and the ligature will strangle. It is plainly desirable therefore that as much of industry as possible should be free. -Mass production of munitions, military stores, and equipment is of necessity the order_of.he day, and there must be accompanying' and inevitable restraints on civilian consumption. Free choice must here and there give way to "pooled" commodities, But, if there is a "pool" petrol, is it of the same order of importance to have a "pool" oatmeal? For the life of the nation to go on it must have a fair chance to pursue its industry -and-its com-
Federal Reserve System Returns New York, Nov. 24.
The Board of Governors of the Federal Reserve System, in their report for the week ended' November 22, respecting the entire body of reporting member banks of the System, reveal a decrease on United States Securities held of $56,000,000 compared with last week but an increase of $29,000,000 compared with the same week in 1928, while the Federal Reserve ratio was higher by 0.3 per cent. compared with the preceding week and 2.7 per cent. up from the corresponding week last year.
Federal Reserve bank credit showed a decrease of $70,000,000 from last week, but revealed an increase of $58,000,000 compared with the corresponding period in 1938.
Monetary gold stocks were higher by $22,000,000 over those of last week and by $3,017,000,000 compared with the same time last year.
Industrial advances by the Federal Reserve advanced by $7,000 from the preceding week and declined $3,561,- 000 compared with the corresponding week in 1938.
During the period under review U.S. securities Held totalled $2,593,- 000,000 and the Federal Reserve ratio was placed at 862 per cent.
Federal Reserve Bank credit amounted to $2,645,000,000, monetary gold stocks $17,257,000,000 and industrial advances $11,568,000.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.