Publisher's Synopsis
Excerpt from The Agricultural Outlook for the Southern States, 1931-32
By the time the business depression of 1920 - 21 [had been in progress 18. Months, recoveries in certain important fields were well under way - as for example in the textile, automobile, and building industries. In the present depression, already nearly _two and a half years in duration, only the con sumer industries - textile, boots and shoes, and foods - are at a higher level than last December, while the others reached in September and October the lowest levels so far in this depression. These low levels of industrial pro duction' mean that stocks in retail channels are being consumed and are not being replenished adequately and that sooner or later the need for replenishment may become a factor in revival.
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