Finance PubliC - ..& Private
Rparations Crisis
THERE are two main factors tending at the present time to restrict activity on the Stock. Exchange and also more or less to obscure the outlook. One of these is the impend- ing General Election and 'the other is what may be de- scribed as the Reparations crisis. The first of these factors will easily be comprehended by the general public and requires little in the way of comment or explanation. Of 'equal importance as a market factor, hoivever, is the problem of German Reparation payments, and earlier in the year when 1t became known that there was to be a Conference in Paris I referred to the matter as an event which might be counted as one of the most important factors operating during the present year. Without going into any intricacies as regards figures, it may be useful, therefore, if I outline very briefly some of the points and principles involved in the Reparation prob- lem, but because I wish to express the matter as simply and intelligibly as possible, I may, perhaps, be forgiven if I shoirld err in small points of detail. •
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