FINANCIAL NOTES.
Despite the somewhat alarming news from Germany, accompanied by a still further slump in the mark, the Stock Markets have held their own very well, though business has been restricted. There has been a growing feeling in City circles that, in view of the grave issues connected with the Ruhr crisis and the European situation generally, there is all the greater need for the policy of our own Government being not merely a British but an Empire policy. Consequently, the fact that representa- tives from all our oversea Dominions should at the present moment be gathered together at Downing Street is regarded as a somewhat fortunate coincidence, and the important political and economic problems arising out of it have given an additional importance to the gathering. Investment stocks have been just fairly well held during the week, while in the speculative departments some increased interest has been noticeable in South African Mining shares. The Money Market is now very easy, as a consequence of large - Government disbursements, and that circumstance seems likely to keep investment descriptions fairly steady for the moment.
Not infrequently, the annual report of a company has to be considered in the light of the comments of the chairman of the concern, at the subsequent meeting of shareholders. A striking example of this truth is fur- nished in the case of the British Cellulose and Chemical Manufacturing Company, whose meeting was held last week. The report itself was a rather depressing document, showing a loss for the twenty months up to February last of over half-a-million, the figures including manufacturing losses, revaluation of stocks and depreciation of, and losses on, plant. At the general meeting, however, the chairman, Sir Harry McGowan, reminded the share- holders that at the previous annual meeting a warning had been conveyed as to the probable results of the ensuing year, and the loss actually due to trading was no worse than had been anticipated. Concerning the future, moreover, the chairman was fairly optimistic, and, while recognizing the necessity for husbanding resources, pending a real improvement in trade, full confidence was expressed in the company's ability to make profits, given reasonable trading conditions. A. W. K.
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