TnE absence of definite signs of progress towards peace in
the coal trade and the large number of new issues which are being brought out have had the effect of slightly checking the im- provement in gilt-edged stocks which had been proceeding steadily since the settlement of the general strike. Not that there has been any important setback, for there is still the feeling that a settlement cannot be much longer delayed, and then markets will be better. However, we are now getting rather near to the holiday period, when some slowing down is inevitable, and the fact that we have now turned the middle of the year affects to some extent the view taken as to the likelihood of a lower Bank Rate. All new investment offers, however, provided the price is at all reasonable, have been meeting with a quick response from investors, this week having seen the over-subscription of the Stockton-on-Tees 5 per cent. Loan at par, the Anglo-Canadian Pulp and Paper 61 per cent. Debenture issue at 98-I, the offer of Plummer Roddis Preference Shares, and on Wednesday of the Province of Westphalia Loan, where the high yield made a strong appeal. Home Railway stocks naturally remain under a cloud owing to the coal situation, for the very heavy loss of traffic during the half-year makes the dividend outlook very uncertain. Argentine Railway stocks, on the other hand, have been very good on the splendid maize crop which not only promises a continuance of good traffics to the maize-carrying lines but will also assist the exchange position. Buenos 'Aires Great Southern stock has been singled out for attention in the hope that, thanks to its magnificent gross-receipts for the year to June 30, a dividend in excess of 7 par cent. may be paid for the year. The speculative favourites in general markets have shown a tendency to become rather- inactive. The Tobacco combine group is quieter, for the British American Tobacco Company has declared its bonus, and in the case of Impenk although that company benefits largely from the Briti American bonus, it is not .expected that any move will I made until later on. There has again, however, been acts buying of Godfrey Phillips and. of the shares of some of tl other independents. The Oil Share Market has failed derive very much help from the increased use of oil due coal Shortage, and both the Rubber and Tea groups remoi quiet owing to the lower prices of their respective commod ties. Artificial Silk shares, too, are dull on the price cuttin which is going on both here and in the United States as th result of the increasing competition between manufacturer. The Mining Markets, on the ether hand, have been quit bright, the Cape taking an active interest in the Diamon group, and in some of the Gold shares where recent develoi ments have been promising. There has also been some revin in the Platinum group in view of the commencement of pm duction on a commercial scale.
CO-OPERATIVE INVESTMENT.
In his last book, flints About Investments, Mr. Hartk Withers threw out the suggestion in his concluding chapter fa the formation of a Trust company which would make ; speciality of catering for the ignorant investor. His hug gestion was made purely from the point of view of eliminati4 losses due to ignorance in investment, but. the Chairman 0 the Liverpool Board of Elder Dempster and Co., in an addre on Saturday last to the Liverpool Shipping Staffs Association of which he is President, carried the suggestion further, seeie in it a means of reconciling the interests of Capital 86 Labour, or rather, of showing that these interests are identical His idea is that the workers should form a British Workers Savings and Investment Association to be opened not 60 to members of trade unions but all workers who would eon. tribute a small sum per week, say 5s., which amount would represent 130 millions in the first year or 1,300 millions in fel years. In this way the workers would use their power and influence wisely and creatively for the production of weal and not, as at the present time, in the opposite way. By t means too the workers could make themselves the bigg capital organization in the country.
A. W. K.
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