New-York tribune., 1921-02-23
Trade Depression
I'm ENGLAND Near
a.
End Say Leaders
Bank Chairman Sees Early
Recovery From Slump;
Others Regard Improved
Exchange Rate Best Sign

LONDON, Feb. s (By The Associated
Press).- Many British bankers and in
dustrial leaders say they believe the
worst of the recent trade depression in
this country has been reached and that
the outlook is brighter.
AT the annual meeting of the Bank
! OF Liverpool and Martins Bank the
chaiEnan, Edward Paul, while admit
tingWhe extent and severity of the ex.
istlng trade depression, did not despair
Of the power OF Great Britain 20
emerge at no distant date from the diff
ficulties through which it is passing.
lie said there were some reassuring
! features and good deal Of sound
! business was being done in various di-
rectlons. The cost Of food was coming
| down gradually and the fall in prices
| IN many commodities, while it caused
serious loss to many individual traders,
| was relief to other sections of the
nation.
| He pointed to the rise in the Ameri-
| c&n exchange as favorable factor, and
| said while there had been few fail
ures the fact that there had been no
| general catastrophe was a great tribute
to the economic stability of the coun-
/ try.
Frank II. Houlder, chairman of the
Hou4der Shipping Line, presiding at
the annual meeting OF the line. said:
"My hope and belief is that the pres
ent depression has been overdone md
that we may soon look for some little
| rebound which will enable business to
be resumed and developed, with mod
crate margin of profit. At the moment
however, there is no gainsaving the
fact that the outlook is very umpromis-
ing"
Lord Colwyn, presiding at the an
nual meeting of the Lancashire and
standpoint 1921 had opened in depres-
sion, but he could see no reason to be
unduly Respondent about the future.
| Lancashire had weathered worse storms
| in the past.
Sir Herbert Austin, of the Austin
| Motor Company, said there was GER
tain amount of depression in the motor
trade and throughout the country at
| present, but he was certain that the
majority of firms in the trade were
selling more cars to-day than they did
in the same time of the year previous
| to the war.
~ believe" he continued, 1--WE have
come to the bottom of the depression
and that we are going to see recovery
in. our particular trade and in many
other trades of the country"
H. Dixon, presiding at the annual
meeting of James Tattersall g. Sons,
cotton manufacturers, said Germany
must be got moving again before there
could be any real steady trade. Given
that, with the excess profit tax out of
the way and the bank rate reduced, he
thought there would be very pros
porous trade.
F. J. Blackmore, president of the
National Chamber of Trade, said: ~
can promise the country that food
prices are going to fall much lower
than they are at the present time.
The index figure at the Ministry of
Labor is now l. points down from the
highest point it reached I forecast
that during 1921 the present dark
clouds Of unemployment will rapidly
pass away and that when this year has
passed into history we shall unani-
mously agree that it has been one Of
the best years this country has ever
! eXpe riencef,