Bearish Britain

Gloomier than any other nation at present is Great Britain. Few bullish items appear any more in its financial papers; article after article tells of mysteriously shrunken profits, disgruntled shareholders, deep depression. Last week, although imports of gold from Brazil balanced the steady drain of British gold by France, Britain turned more bearish. Unemployment, steadily rising throughout Europe, passed the 2,000,000 mark in Great Britain last week, the worst since 1921. Further increase seemed certain.

A new Nadir of outspoken pessimism was reached in a trade forecast issued last week by the British Electrical Manufacturers' Association. This potent group went on record as predicting the present trade depression will almost surely last through 1931, that any recovery in 1932 will be only temporary. The U. S.. said this forecast, will take longer to recover than in 1921, being retarded by too large a production capacity, overcapitalization of earning assets.

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