Financial Notes
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ALTHOUGH there is no great change to report in the main factors affecting the Stock Markets, the fact remains that a rather better tendency has been apparent in places. In the first place, British Funds and other gilt-edged securities have been favour- ably affected by the large influx of gold, although, as a matter of fact, so much of the metal having come from Germany, the development is not an altogether favourable one as it is indica- tive of the crisis in that country. There has also been a pronounced recovery in most of the Brazilian stocks, which had fallen to a point discounting almost default • itself, and while the financial situation in Brazil is likely to remain a difficult one for some time to come, there seems no reason to suppose that the rally which has taken place in prices is not justified or that it has been overdone. In some other directiohs, including English Railways, where prices have rallied, it has, for the most part, been a case of the closing of Bear positions.
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