Finance—Public and Private
The Investment Outlook
"1 WONDER," writes a correspondent, "if I might ask you if you would give those readers of the Spectator who are trustees your opinion as to the advisability of selling 5 per cent. War Loan and reinvesting the proceeds in longer-dated securities with lower yields ? Whether, in fact, we should do it now or wait till later on ? "
To attempt to answer this question is, of course, in reality, to deal with the outlook for investment stocks as a whole, and he would be a bold man who attempted anything in the way of prophecy concerning so uncertain a matter as the course of fluctuations in Stock Exchange securities. Moreover, as regards high-class investment stocks in particular, the matter is, of course, most closely connected with the value of money, for there is nothing to which fixed interest stocks—and especially those of the highest grades—are more sensitive than to any material fluctuation in money rates.
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