VINANCIAL NOTES POLITICAL MARKETS.
IN reviewing Stock Market developments during the past week, I am almost equally impressed by the seriousness on the one band of the fall in Far Eastern stocks and all that is expressed in that decline, and on the other by the resistance which other departments of the House have shown to this malaise in the -Far Eastern group. The firm tendency of British stocks and kindred Securities is perhaps to be attributed to some extent ' to foreign. .political influences iinpelling attention once more _In safety-first securities. But in other directions— including Home Industrial shares—the tone has been fairly steady,- considering the unfavourable influences referred to, and the general paucity of business.
- - (Cr011tiMICd 071.1:00ge 364.) FINANCIAL NOTES (Continued from page 362.)
THE FAR EASTERN CRISIS.
It would be hard to discover when, within so brief a period, there has been such a general debdcle as that which has taken place during the past six or seven weeks in the loans of China and Japan, and the serious view taken of the situation is evident from the scant inclination to acquire the securities of either country, even at the present low level. That there would be a sharp rally in some of the securities, if there were to be a sudden favourable turn in events with the prospect of an early conclusion of hostilities, there is little doubt, but the material damage which has been occasioned in Shanghai and the scant regard paid to the sanctity of the Settlement quarters has pro- duced an impression which will not easily or soon be removed. Many approximate estimates have been offered of the extent of British financial and commercial interests in the centre now ravaged by hostilities, such estimates usually ranging from a minimum of Li oo,000,000 up to something like k25o,000,000 and there is no disposition to regard these figures as exaggerated. At present, it is of course impossible to determine what may have been the extent of the damage inflicted by the bombardments, but it seems probable that they may have to be reckoned in millions, to say nothing of the losses involved through the interference with trade.
Previous page