18 JULY 1931, Page 32

Finance—Public & Private

Financial Notes


Tim Stock Exchange has had a trying week, for just as it was beginning to hope that the grudging acceptance of the . Hoover Plan by France would lead to better conditions, the financial crisis in Germany supervened to plunge markets once more into the abyss of uncertainty. London, true to its traditions, preserved a calm front, and there was little selling, but prices were marked down severely, particularly in those departments where bullishness had been most in evidence previously. Even in the gilt-edged market quota- tions are appreciably lower on the week, though in the long run gilt-edged stocks should recover, for the German crisis will not have done anything to improve the world trade outlook, but rather the. reverse, while the outpouring of additional credits should tend to add 'to monetary ease when the crisis is over, and, therefore, may even facilitate the Chancellor's scheme for converting the War Loan and saving interest. In the Foreign Bond market,. of course, prices became rather more nominal, but steadied up after the first news of the German banking suspension, and in Home Industrials there has been remarkably little liquidation, the markets as a whole, in fact, having waited in confident anticipation of a solution of Germany's difficulties and in the hope that the resultant disturbances to international trade may not prove to be unduly severe.