Financial Notes
GENERAL DEPRESSION.
IT is some time since the Stock Markets experienced such general depression as that which has characterized them during the past week. It is no uncommon experience for liquidation to be in evidence towards the end of a half-year when preparation for the publication of half-yearly balance sheets frequently occasions a good deal of selling. This year, however, the influences adversely affecting markets have been specially numerous and important. The actual losses arising out of the Hatry debacle were, in a sense, incurred last autumn, but they were faced and met only a few months ago, and it had been hoped that recuperation would be aided by favourable influences. Socialistic expenditure and a Socialistic Budget, however, with its effect on public confidence, spoiled all chances of a quick recovery in either commercial or financial activities, while the Stock Markets, in addition, have had to stand up against big selling orders from the United States where there have been successive slumps in Wall Street, and the market has also been called upon to absorb large new issues of capital. Under such conditions it is scarcely surprising that prices should have given way and even • t- edged securities have now weakened a little, notwithstanding the helpful influence of fairly easy money. There seems reason also to believe that the public, which has been hit for so long by heavy taxation and the high cost of living, has had in many instances. to realize investments to meet the requiie- ments_of the moment. It may be hoped that with the turn
the half-year there will be some improvement, thoUgh much must depend upon deyelopments in the United States,
(Continued on page 1028.)
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