FINANCIAL NOTES.
Despite the Ruhr crisis and anxiety concerning the Turkish situation the Stock Markets remain remarkably firm. The ingathering of the taxes has imparted a rather firmer tone to the Money Market and incidentally has temporarily depleted the amount of money available for Stock Exchange purposes. Similarly, the reassembling of Parliament, which is never hailed as a bull point on the Stock Exchange, has rather. tended to restrict dealings, and therefore the steadiness of prices is the more note- worthy. The firmness of gilt-edged securities- continues to be, an outstanding feature, and while many reasons might be assigned, I think that a foremost place must now be given to a growing recognition of two important facts. One is that during the next few years large amounts in British Debt will be maturing, the other is that a funding of these- maturitiesinto a loan carrying a lower rate of interest constitutes one of the best chances for lowering the National. Expenditure. In other words, holders of gilt-edged securities are beginning to think about easier monetary conditions later on as a prelude to funding schemes.
While warmly congratulating those holders of English Railway stocks who have recently been recipients of unexpectedly gooddividen.ds, I find a disposition in some quarters to criticize these distributions in the light of such facts as the very high rates• still prevailing both for passengers and goods. Not only so, but in accordance with agreement wages have been quite materially reduced. during recent months owing to the alleged decline in the cost of living, while it cannot be forgotten that within the space of a little over a year something like £50,000,000 of taxpayers' money has been handed over to the Railways in the shape of compensations following the demobili- zation of the companies after the War. I am very far from asserting that these sums were in excess of just demands, nor does. the country forget the excellent services rendered by the railways throughout the War. Nevertheless, in the post-Armistice period the travelling public and the trader have had to suffer considerable inconvenience in connexion with overcrowding and high charges, and the point is one which has to be borne in mind in relation to the present increased, dividends and the fact that railway stocks have risen by over 50 per
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cent. within about twelve months. A. W. K.
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