A GREAT APPRECIATION.
bile by no means suggesting that the rise in securities is justified, or is even overdone, I think it would be well that extent should be very clearly recognized. It is rather inn. for example, to find that taking securities as a whole, now stand at the highest level since the War. This is fight out in the latest monthly valuation of securities by Bankers' Magazine, in which it is 'shown that for the four ks ended January 19th there was a net appreciation in ital valuation of 365 representative securities_ of no less n £120,000,000. Of this great rise £70,000,000 occurred xed interest stocks and £50,000,000 in the variable dividend more speculative stocks. It is also interesting to note that, le securities as a whole stand at the highest level since War, it appears that during the last few years The appre- ion has been most marked in the variable dividend list. is, whereas the latest -valuation shows the variable dividend to be at the highest- mark at the post-War period, the lest point in the case of British Funds and kindred stocks really in the early part of 1923.
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