Financial Notes
QUIET MARKETS.
WE are now rapidly approaching the commencetnent of the summer holiday season, and it is scarcely surprising that markets should be showing a certain amount of lassitude. Indeed, allowing for the fact that we are within a fortnight of the month of August, dealings may be said to have been on quite a fair scale, interest, however, being still chiefly centred on gilt-edged securities. This, of course, is not surprising, because all the main factors in the situation, and especially the trade depression and the obscure outlook, tend to increase the volume of unemployed capital which is available for short loans, though there is not the same amount available for long-dated securities other than those of the absolutely gilt-edged character. Moreover, the foreign market remains under the influence of the unfavourable impression created by the weakness of the German Repara- tions scrip, whirls during this week fell at one time to 31 discount. The weakness was possibly . accentuated by a knowledge of the favourable terms (to the investor) on which the Austrian Loan was to be floated ; but, at all events, the weakness of the Reparations scrip and the flatness of Brazilian Bonds have imparted a weak tone to the foreign market generally.
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