FINANCIAL NOTES
CONTINUED OPTIMISM.
Wrrri the coal crisis manifestly at a critical stage it is not surprising that business on the Stock Markets should have been restricted during the past week. Equally, however, the comparative steadiness of prices has tended to confirm the underlying optimism which has prevailed throughout. Per- haps the slackest markets have been those for gilt-edged secu- rities, but that circumstance, in itself, affords confirmation of the more hopeful views concerning the industrial outlook. The increased number of miners returning to work, a greater disposition to look economic facts in the face, and, it may be hoped, preparations also by certain industries to bring about improved and more economical methods of working, have all encouraged hopes that the tide of industrial depression is receding. If, however, hopes in this direction should be fulfilled, it is recognized that there may be a transfer of activity Von' fixed interest stocks to industrial and more speculative securities. With the prospect, on the one hand, of large lines of gilt-edged stocks being offered before the close of the year, and with the likelihood, on the other hand, of any revival of industry requiring a good deal in the way of fresh capital, it is not surprising that there should be a tendency to regard British Funds and kindred stocks as sufficiently high, even though there may be no reason to anticipate any matenal
decline.
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