RISE IN SECURITIES.
The improvement in securities has undoubtedly been one of the outstanding features of the year, and the main cause is, I think, to be found in the fact that the small improvement in trade at the end of the year was not sufficient to have any disturbing effect upon the Money Market, while investment stocks have been helped by the rather easier money rates, the greater stability of the foreign exchanges and the inflow of foreign capital. The more speculative departments have undoubtedly been affected by-„the high taxation provoking the desire on the part of the public to Obtain, if possible, capital appreeia- tion (which cannot be taxed) rather than fixed incomes which must be revealed to the Inland Revenue authorities. It is only fair to recognize, however, that the prosperity a some of the new industries such as Artificial Silk shares, and the prosperity of concerns' :like the Gramophone; Cdinpanies- and, ,the big Tobacco groups, also stimulated s'Reculation in the industrial groups, while towards the end 'of the year there was some disposition to acquire stocks of the key industries on hopes of a revival of, prosperity in the New Year. Some measure of the general , upward tendency of securities as a whole _during. the year may be gathered from the fact that the 866 representative stocks selected by the Bankers' Magazine show an appreciation for the year of no less than 1269,000,000, or just over 4 per cent. Row far this upward tendency in securities and the other favourable developments to which I hay iyery,04
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briefly referred may be regarded as heralding industrial and financial prosperity inzthe New Year will be considered in these columns next .i,Feek. Manua W.• KIDDY,
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