Most people agree that, in the long run, the American stock market collapse is likely to make for easier monetary conditions in this country. There is bound to be dislocation for a time; but the effect of recent events in America should be, before long, a better distribution of the world’s financial resources. To what extent will the change be likely to react favourably on British industry and on the volume of employment which it is able to provide? Some writers on economic subjects are inclined to make optimistic forecasts of industrial recovery resulting from cheaper and easier credit, and to suggest that Mr. Thomas’s task of dealing with unemployment, difficult enough now, is likely to become a good deal easier within the next year. Is there any real warrant for this view? Or is it more probable that, even if we get easier money, industry will be slow in reviving, and, even if industry revives, unemployment will be slow in falling to any considerable extent?