Financial Notes
. THE FIRMNESS OF MARKETS.
THE investment sections of the Stock Exchange have again been firm ' in tone, monetary fears being lessened by the quite remarkable strength of the American exchange. The rise in the exchange has put the, pound sterling at a premium, as compared with American currency, for the first time since the early months of the War, but the unseasonal character of the rise causes it to be treated with a little reserve. In the gilt-edged market the Conversion Loan has recovered further and there has been a strong demand for the five per cent. War Loan and for the National War Bonds, owing to the diminishing supply of Government securities from the dividends on which Income Tax is not deducted at the source. Stock also appears to be in short supply in the case of Home Railway Debentures and Preferences, whose prices have improved appreciably. Strong support, too, continues for some industrial shares where market' talk holds out promise of higher profits, while other departments remain quite neglected. The Celanese debenture issue was a 'tremendous success, but the shares afterwards fell away ; rubber shares remain dispirited, oils are under the influence of reports of a further reduction-in -petrol prices in this country, -while the mining share markets show very little animation. * * * *
Previous page
