Financial Notes
SPECULATIVE ACTIVITY.
CONSIDERABLE irregularity has characterized the price move- ments of Securities during the past week. Two outstanding features have been the dullness of British Funds and other Home Securities and the great activity and strength of some of the speculative markets and especially the activity and strength of West African Gold Mining Shares. In the article which will be found in the adjoining column I make some special reference to the speculative activities on the Stock Exchange, and in this place, therefore, I will only briefly refer to the causes responsible for a reactionary tendency in high- class Home Securities. British Funds were damped-by the sudden issue of a new British Government Loan for 1150,000,000 in-ll per cents. at 98. The Loan was fairly well applied for, but the amount was large, adding greatly to the supply of Government Stock in the Market and the Scrip of the New Loan fell at one time to 5/16 discount, though there has since been a sharp recovery. Moreover, the Market for British Funds has alsO been affected as frequently happens when Budget time approaches by uncertainty regard to the Chancellor's proposals. Home Rails, too, notwithstanding fine Traffic Receipts have been adver,ely affected by fears of a revival of trouble concerning wages- (Continued on page 604.) with
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