FINANCIAL NOTES.
Unless, in the meantime, there should be a very remarkable change—which is most unlikely—in market tendencies, it looks as though the year on the Stock Exchange would end under very cheerful conditions. It is true that, during the past week, there has been a moderate setback in high-class investment securities, but this is scarcely surprising in view of the recent flood of new issues of capital, payment of instalments on which must necessarily affect the funds available for fresh investment. Moreover, as I indicated some time ago in these columns, the tendency nowadays in the gilt- edged section is for steadiness rather than for any great appreciation in capital values. For such appreciation the public is now looking to other and somewhat more speculative markets, and the diversion of attention in these directions is naturally felt in the investment section. Moreover, it is probably considered that while monetary conditions can scarcely be easier than they are at present, they might quite conceivably become somewhat firmer in the New Year. On the other hand, there seems no teason to apprehend any material setback in British Funds, for, among other things, the Market is constantly affected by anticipations of further conversion operations. Moreover, during the first few months of the year Budget expectations usually play some part in determining the trend of prices of Government securities, and at present there is a disposition to anticipate with some confidence Mr. Winston Churchill's first Financial Statement.
The directors of Messrs. Rolls Royce, Ltd., will shortly issue their annual report. It will show that (subject to
audit) the profits for 4he year ending October 31st last amounted to £163,000. They have decided to recom- mend at the annual meeting of shareholders, which is to be held at Derby on Monday, Janualy 12th, that a dividend of 8 per cent. should be paid in respect of the year named. A. W. K.
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