Financial Notes
AN UNCERTAIN TENDENCY.
THE Stock Exchange is to be closed from Christmas Eve until the following Monday morning, thus giving a clear five days' holiday for members. It is not surprising, therefore, that the advent of the Christmas holidays should already be making its influence felt on the volume of business in the stock markets. Moreover, during the final " account " of the year dealings are usually mainly confined to the adjust- ment of any speculative positions open, and in view of the disturbed conditions during the second half of this _ year, and the influences which have operated upon credit positions, it is not surprising that the past week should have seen a certain amount of liquidation. Even gilt-edged stocks have suffered a little, notwithstanding the fact that, as I point out in another column, monetary developments have been somewhat more favourable during the past few weeks. These are influences, however, which will make themselves felt ultimately later on unless, of course, the growth in the National Expenditure should occasion sufficient concern to affect the course of Government securities. Some of the trans- atlantic industrial shares have been fairly active during the past week owing to the decided spurt in Wall Street. * * * *
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