CAUTION DESIRABLE.
In a month's time, however, the Budget will have been published and the Exchequer secrets will have been revealed. Personally, I am inclined to think that with the Budget out of the way we may obtain a clearer out- look in many respects, although in the main the economic problems of the moment arc so wide and complex that it will require some years to witness their satisfactory solu- tion. Meanwhile, I incline to the view that those who are pursuing the policy of " Safety First " by acquiring gilt-edged securities will not regret their action. It may be that the cheapness of money will not be permanent, and that borrowing from many quarters may tend to prevent any early material rise in trustee stocks. Even so, there seems a strong probability in favour of steadiness in price, while should the fall in money rates go further, it is possible there may be a rise in market values.
ARTHUR W. KIDDY.
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