Financial Notes
RISE IN TiE AMERICAN EXCHANGE.
CLOSELY linked with the continued firmness of the Stock Markets is the rise- which has taken place in the American exchange. I say 'clokely linked because, while the reason for the strength of the British pound as measured with the dollar at this peried-of the year is far from clear, there is no doubt that While the rise in the- American exchange may be said to have increased the cheerfulness of the Stock Markets, the strength of some sections of markets also affords a partial explanation of the rise in the exchange. A few months ago it had -been feared that a fall in the American exchange in the autumn might take gold from this country to New York, but although we have lost gold to some other quarters, the American exchange• has moved so greatly in our favour as even to suggest the probability of gold coming from New York to London. That consideration has had a good effect upon 'markets, but I think there has also been a very direct connexion between the firmness of some stocks and the rise in the American exchange.
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