POINTS FOR CONSIDERATION.
Arising out of these considerations there are one or two observations which, perhaps, may usefully be made. The first is that those who have been selling securities during the past few weeks have certainly not erred in the direction of unduly estimating adverse factors. They may possibly, therefore, have over-estimated them. Or they may not. A less favourable point to consider when weighing possible further movements is that while the fall in stocks during the past two months has been considerable, it has been a mere bagatelle when compared with the rise of the past few years. Another point, perhaps, to be emphasized is, that of the two main factors operating at the present time, namely, the monetary situation and the impending election, the former is the more powerful, and, therefore, if there were to be signs of an improvement in that respect, its effect might go far to outweigh any increasing political nervousness as the General Election draws near. Finally, It is probable that up to the present, at all events; it has been a case, both as regards the General Election and the other factors mentioned, of discounting unfavour- able rather than favourable developMents, which means that as time passes markets should become sensitive to any unexpected favourable turn in the situation. it may also be well to remember that for the permanent 'investor the long view has Often to be taken and that It is as difficult to get into stocks at the bottom as it is to get out at the top.
• ' - ' - ARTHUR W. KIDDY.
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