FINANCIAL NOTES
CONFLICTING INFLUENCES.
ALTHOUGH for the most part firm, there has been less business passing on the Stock Exchange during the week. This has been due to the conflicting character of the influences operating. The conclusion of the European Pact still causes an under- current of optimism, but, on the other hand, an unfavourable effect was naturally produced by the resignation of three members of the Cabinet in Germany. The large gold with- drawals from the Bank of England have also been an adverse factor, while the heavy fall in the franc has naturally occasioned anxiety with regard to the financial situation in Germany, Nor must it be forgotten that while almost instant success has attended the various capital flotations during the week, these issues, which have involved quite large sums, tend to divert
attention from existing to new securities. - - * * * *
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