11 MAY 1929, Page 34


I think, perhaps, therefore, it may be useful if I try and make clear some of the reasons why holders of securities, and more especially of what is known as high-class Home securities like " British Government stocks and Home and Colonial Corporation issues, apprehend that the non-return of a Conservative Govern- ment might occasion a fall in stocks from their present level. In what follows it must not be supposed that I am necessarily endorsing all the points put forward, but because the idea is sometimes entertained that apprehensions by security holders of a Labour Govern- ment express nothing more than a kind of class dislike to a Labour rule, it may be well to express these apprehensions in more concrete form.