Financial Notes
SECURITIES STEADY.
Aurnounn the Bank of England has added a moderate amount to its stock of gold during the past week, and the American exchange has moved slightly in our favour, I do not comider that there is sufficient alteration in the monetary outlook tu, justify the revival of talk in some quarters as to prospects °' an early reduction in the Bank Rate. There are not want'4 indications of some tightening of money rates on the otlie: side of the Atlantic, and, with the American exchange CO siderably below the level of last year, when Bank Rate ios„ then at 5 per cent., it is difficult-to see how a reduction CO be justified at the present time. Meanwhile, if the 5 per Ofl rate prevents any great rise in investment securities, itzertaink4 does not interfere with the gcnerallgeadjpess rif:ths_itiarY0 for notwithstanding the steady stream of new issues of capital, prices of oristing stocks are wonderfully well maintained, and the velume of. investment business passing is by no means insignificant. In tuldition, operations ifn the More speculative stocks are considerable; and it looks as though the satisfactory profits secured -by so many of the Rubber companies were at last having some effect upon share prices, while the qaota:tion of Rubber itself has improved a little. Even more pronounced, however, is the speculative activity in some of the South African Gold Mines and also in the Tin Mining shares.
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