Finance—Public & Private
A Financial Somersault
A FORTNIGHT ago it looked as though attention in the stock markets was so rivetted on British Funds and kindred securities that no other markets were of any con- sequence. " Safety first " appeared to be the motto of the investor, and with little prospect of a trade revival and every prospect of a continuance of cheap money a famine in gilt-edged stocks was freely predicted. Indeed, there was much talk of Government credit shortly being on a 81 per cent. basis. A fierce campaign was conducted throughout the month of July in support of the Govern- ment's great conversion operation, and holders of the old 5 per cent. War Loan were appealed to both on the grounds of patriotism and self-interest to convert their holdings into the new 3i per cent. Loan.
Previous page
