WHY HAVE CONDITIONS IMPROVED ?
It is probable, I think, that if called upon to reply. to the interrogation at the beginning of the previous paragraph a good many would reply by saying that a great stimulus has been given by such things as prospects of a balanced Budget, the announcement of the repayment of a large part of the dollar and franc credits borrowed in the autumn of last year, the moderate improvement in the figures of unemployment ; and finally, perhaps, some would urge that the prospect of tariff revenues and restraint upon imports has imparted some encouragement to industry. But while there is a sense in which it is quite true that these factors have stimulated markets during the last few weeks, I do not believe that the explanation is sufficiently fundamental, and I think that the true and deeper reason is not far to seek.
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