Financial Notes
IMMEDIATELY following upon the General Election markets displayed a certain amount of exuberance, due, as I explained at the time, to sheer relief that the General Election with all its uncertainties was over, while there were special factors, such as the agreement reached by the Reparations Experts at Paris, and the reinvestment of the proceeds of the dividend on the 5 per cent. War Loan which specially aided the invest- ment markets. During the past week, however, factors of a less favourable character have operated, and notably the investment markets have been affected by some renewal of anxiety with regard to the monetary outlook, due to the !unfavourable movements in the Foreign Exchanges and the gold exports. The decline in prices has not been great, hut it has been fairly general, and in the Industrial section conditions are undoubtedly affected by some heavy losses in particular directions, and not least in some of the scrips of the many issues of new capital made during the past eighteen months.
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