WEIGH WAY WILL GOLD now Reverting to the matter, however,
from the investor's point of view. the next point which arises is whether on a resumption of the Gold Standard we are likely to see gold flowing in this direction or whether, on the other hand, it will be a case of gold leaving the country. On that point, so far, at all events, as the immediate future is concerned, the course of money rates very largely depends, and it is scarcely surprising that for the moment holders of liquid capital are inclined to refrain from investing largely in gilt-edged securities owing to the peculiar uncertainties of the outlook. Moreover, it must not be forgotten that if, following a return to the Gold Standard, the pound should go quickly to the parity of the dollar, there may be a tendency for the investor to acquire some dollar securi- ties which for some time past have been unattractive by reason of the premium on exchange involved in the original purchase. There have been signs, moreover, for some few weeks past of increasing activity here in certain American securities. For these and other reasons, there- for, it seems not unlikely that market operations may tend to broaden out, and that to that extent there may be a diversion of attention from high-class stocks.
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