29 JUNE 1929, Page 36

hrrnissic - MERITS UNAFFECTED.

Let me hasten to add, however, and especially with a view to the reassurance of genuine investors who may chanee to read this article; that theSe views are concerned with fluctuations in prices rather than with intrinsic raeritS. I am not suggesting kir a moment that holders Of sound investment securities have anything to fear with regard to the safety of their income in the period which lies ahead, but simply-that market conditions may be against an appreciation-in capital values and may possibly