Jr is a little difficult to account for the depression which characterized most departments of the Stock Exchange during the early part of this week. Something, of course, is due UP the general effects of the Budget, and that, I think, is perhaps more particularly the case with all Home securities, and (Continued on page 763.)
(Continued from page 760.).
especially English Rails, for, in spite of the assurances to the contrary by the Chancellor of the• Exchequer, markets hold fast to the opinion that further increase in 'direct taxation means a handicap to industry; especially having regard to the manner of expenditure which; in its turn, has been responsible for the higher taxation. It is probable, too, however, that investment market's have been somewhat affected by the knowledge that large Joins were impending of an attractive Character, so that some of the .selling of gilt-edged securities may have been on account of those desirous of taking up the new loans. Moreover, it is known that, in addition to the San Paulo issue during this week, a number-of other important loans may be expected in the near future. And, finally, it is also likely that some of the speculative markets have been adversely affected by the 'dulness of New York, where a good deal of Stock Exchange liquidation has been in progress.
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