Financial Notes
MORE CHEERFUL MARKETS.
AFTER an unsettled account, disturbed by Continental alarms, Markets began the new account at the beginning of the week with a decidedly more cheerful tone. Public business has remained on a very modest scale, but the impression prevails that there is unlikely to be any immediate change in the mone- tary position for some time to come, and that consequently the pressure of unemployed capital seeking investment must in- evitably drive Gilt-Edged Stocks to still higher levels. This belief also derives support unfortunately from the less optimis- tic feeling in trade circles. Recovery in oversea trade, even if it comes, must obviously be a gradual and difficult process in face of the chaotic exchange conditions, and the restrictions - - - 4Caroinued on page 7.04 --
Financial Notes
(Continued from page 68.) against imports enforced by so many countries in the hope of supporting their exchanges. Even in Home Trade somewhat less optimism prevails now that unemployment figures are no longer shrinking, though Home Securities generally are re- garded as offering the most attractive field. Home Railway Securities have enjoyed some return of favour in anticipation of the half-yearly dividends, and in reaction from the heavy decline which resulted from the raising of the agitation for the restoration of wage cuts. Certain sections of the miscellaneous market, too, have been singled out for attention, notably the Aircraft group in the belief that the expansion of air arma- ments is inevitable. The Rubber Share section has been quite active with an improvement in prices on the strength of the rise in Rubber, though with Rubber, as indeed with most primary commodities, higher prices in the long run must depend upon recovery in American trade, for American con-
suming power is the determining factor: -
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