IN Swiss Technics, published by the Swiss Office for the Development of Trade, in Zurich and Lausanne, during November–December 1939, it is stated that although less trade was carried out during the first few months of the year than during the corresponding months of 1938 there was decided improvement in the summer, so that exports to most foreign countries very nearly reached the 1938 figures. This progress would certainly have been maintained had it not been for the War. It would be absurd to give way to despondency with regard to the future of the Swiss watch-making trade. There are two good reasons for looking forward hopefully. The first is the great improvements made by the industry in perfecting watches during the last ten years. The improvements have been continuous.