Financial Notes -
MARKETS CHEERFUL.
THE year has opened in fairly cheerful fashion on the Stock Eichange, the cue being given, as mentioned elsewhere, by gilt-edged securities and also to some extent by English Railway 'stocks'. The former have been directly affected by the steady influx of gold and the fall in money rates, which has made the Bank Rate completely ineffective. This latter Circumstance combined with the gold influx has there- fore prompted a good deal of speculation as to the likelihood of•aw early reduction in the Bank Rate. Indeed, at the moment of writing talk as to the possibility of a decline this.weeli muSt he' held to be partly responsible for the fillip given to high-elasS investment stocks. Without, however, in any. way deprecating the discussion of a lower Bank Rate, or even challenging the justice of the movement if it should occur, I am bound to say that. I am, personally, inclined to regard the' situation as one calling for a certain amount of reticence and caution.
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