POLITICAL INSECURITIES.
How far these conditions have been aggravated by actual social and political unrest it would be rather difficult to say, but I think there can be no doubt whatever that in Europe at all events much of the impahment of confidence can be traced to a feeling of political insecurity. In countries such as India and China we have direct political unrest, while in some of the South American (Continued on prge 718.)
Finance—Public and Private
(Continued front page 716.) countries there is little doubt that financial and economic depression stimulated social disorders leading to revolu- tionary and semi-revolutionary movements. In Europe, too, the unfavourable economic conditions in many of the countries constituted a direct menace to Governmental authority, while in France, now presumably the strongest military power in Europe, if not in the world, there appears to exist a perpetual state of apprehension with regard to the situation in Germany. In the United States there has existed throughout the year, in addition to the impairment of financial confidence, constant apprehension with regard to the general peace of the world, but although Annelica is expected to take a foremost part next year in bringing about a Disarmament Conference, the fact remains that the United States Government is itself spending more and more upon armaments, the proportion of such expendi- ture to the total being, in fact, much greater than in this country, in spite of our geographical position and our great Imperial responsibilities. Nor in considering events and developments of the past year must omission be made of the revolution in Spain culminating in the downfall of the Monarchy.
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