BROADENING OF INVESTMENT DEIHAND.
TIIE slowing down of business which is always to be expected before a holiday period seems this year to have affected only the gilt-edged section, where something of a pause has also been brought about by a broadening of investment interest in other directions. The rise in commodity prices and in common stocks in the United States has been reflected on this side in an improvement in almost all the leading commodities, and this has caused investors to wonder whether this may not be a herald of better trade conditions with better prospects -for industrial securities and a possible tendency for fixed interest stocks to decline. At the same time the holding back for the time being on the part of large investors has accen- tuated the ease of money in the short loan market, and it would not appear that for the time being there is much need for apprehension as regards gilt-edged stocks. Such, at any rate, is evidently the view that has been taken by Australia's financial advisers in their decision to convert with the per. mission of the Treasury some £11,500,000 of 61 per cent. securities into a 3/ per cent. Loan at 99 repayable not later than 1938. Meanwhile, Gold Mining shares have lost none of their buoyancy, despite' the announcement of the South African Government's taxation proposals, and the rise ki Rubber, coupled with hopes of Dutch participation in re striction, has given quite a fillip to the Rubber Share market after its long period of depression.