FINANCIAL NOTES SECURITIES FIRM.
How far' the continued firmness of high-class investment stocks must be attributed to expectations of a 4 per cent. Bank Rate remains to be seen,- but undoubtedly hopes of that event, together with the knowledge that investment resources will be temporarily increased at the beginning of September by large Government disbursements, have helped the firmness of British Funds and kindred stocks during the past few weeks. Nearly £20,000,000 in Government dividends are due for disbursement on September 1st, and on the same date National War Bonds to the nominal amount of about £13,000,000 mature. There is little doubt, however, that a good many of these Bonds have been bought up in advance of maturity, while even the effect of the Government dividend disbursements may, I think, be found to have been partly anticipated by the special purchases which have been made during recent weeks of Treasury Bills maturing during the early days of September. Still, there seems reason to think that monetary conditions may be easy during the first few days of next month, though, as regards Bank Rate, it is necessary to look for other factors than those represented by immediate conditions in the short loan market.
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