Tim DOMINANT FEATURE.
If, however, I had to say what I consider is the chief development of the year and the one most likely to affect the prospects for 1933, I should at once mention the signs of a clearer recognition by nearly all nations of some of the causes of the continued world depression and also the signs of a greater readiness on the part of many nations to co-operate in taking measures to bring about a better state of things. And in saying this I am quite aware that the year closed with a lamentable failure on the part of the United States, or at all events on the part of the United States Congress, to recognize the extent to which War Debts have aggravated the world economic situation, especially during the past few years. So far, however, from being dismayed by this most recent development, I regard it merely as an inevitable stage which had to be passed before America, the chief creditor nation, joins with other nations in co-operating for the general good. Let it be remembered that at this time last year few would have believed that France would have joined with the other European allies in recognizing the need for making a final and easy termination of German reparations. -Yet we know that as a result of the Lausanne (Continued on pagt vi)
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