The business outlook continues uncertain and without general trend. Industrial news has been fairly good, on the basis of the heavier seasonal fall and winter activity rather than particular forward progress. Textiles are not yet out of the woods, however, and nowhere is any boom in sight. Cutting of gasoline prices, while temporarily painful to producers and refiners, is a constructive and necessary step in the long run.
Money continues easy, although call rates have risen to 2½%. Gold imports have almost ceased, precious metals being attracted to India for the time being....
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