FINANCIAL NOTES
STEADY MARKETS.
Although business in public securities may have been severely restricted owing to Budget and other uncertainties, there - is no gainsaying the comparative firmness which has characterized most- departments of the StOck Exchange. This, I think, can on the whole be attributed to. (a) the -con- tinued large volume of resources seeking investment— partly, perhaps, in connexion with trade depression, (b) hope- fulness that the Budget will be a ." bull ' rather than a " bear " "factor and, (c) the sounder. technical conditions_ of markets. At the end of last year and in the very early days of the present year excessive optimism with regard to the outiaok had occasioned the creation of some weak speculative • positions, but these have been materially reduced and conse- quently. the Stock Exchange is able to view Budget uncertainties, Gold Standard possibilities and the unsettled outlook. in Europe with more equanimity than would have been the case a few weeks ago. An exception to the general fbmness of m.Arkets is the section for Home Railways and some of the Industrial descriptions such as Iron, Coal and Steel
Shares, these being affected by the general Labour situation referred to elsewhere. * * *
MEXICAN EAGLE DIVIDEND.
The announcement this week of payment of interest on the First. Preference Share Capital of the Mexican Eagle Oil Com- pany on the 30th came as a rather welcome, surprise, and consequently had the effect of stimulating the Oil Market a little.. The surprise was due to the fact that in December last a circular from the London agents of the company hr indicated that unless conditions were to develop favourably, consideration of the dividend due on April 30th might be postponed until the early days of June. Rightly or wrongly, therefore, the market is now assuming from the announcement of the payment of the interest that developments in tho meantime have been of a favourable character. * * * *
FRENCH EXTERNAL LIABILITIES.
It is too early yet to pronounce any opinion as to the likeli- hood of success to be achieved by the French Finance Minister in his handling of the difficult problems with which he is confronted, but it is, at all events, something to the good that M. Caillaux should apparently have shown a prompt apprecia- tion of the desirability of making some arrangement with regard to the External Debt. This is a matter which, it should be clearly understood, is of infinitely more concern to France herself than to her creditors. It may, after all, not be a vital matter to this country and still less to the United States to know just how we stand with regard to the amounts which we may receive from France on account of her debt to us, but if financial confidence is to return in France, it is supremely necessary that she should know exactly where she stands with regard to her external liabili. ties during the next few years.
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BANKING IN PORTUGAL.
Notwithstanding the difficult conditions, both financial and political, prevailing in Portugal during last year, the Banco Nacional Ultramarino appears to have had a satisfactory year, the profits, which in the previous year had shown a considerable expansion over those of 1922, now exhibiting a further improvement. Moreover, a further large amount is added to the Reserve which now considerably exceeds the paid-up Capital of the Bank. The dividend of 30 per cent.
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