,FINANCIAL NOTES
RESTRAINED OPTIMISM.
THE City is rather undecided at the moment as to whether the most harmful influence upon what may be termed the " psychology " of commercial and financial activities is,to be found in the doleful prophecies of slumps or in the efforts of those who would strive to make it appear that there has been no kind of set-back in trade. Business men know quite well that in certain directions there has undoubtedly been a set-back in business, largely connected with the fall in the prices of commodities, just as they also know that in some other directions business is as active as ever. Moreover, it is also recognised by those who prefer to face facts that even spending power, or at all events spending ability, is somewhat checked at the moment by the losses sustained through the very heavy fall in prices of _public securities. Therefore, when the public is assured that no kind of set-back has occurred the effect of such pronouncements is really
the reverse of reassuring. * * * *
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