Financial Notes
STEADY MUSKETS.
MAKING all allowance for the optimism which usually characterizes the Stock Markets during the first few weeks of the New Year, I consider that the general condition of the Stock Exchange must be described as satisfactory. I am the more disposed to this view by reason of the fact that there has not been the usual outburst of professional optimism accompanied by a really rapid rise in prices. On the other hand, what is more to the point, perhaps, is that such firmness as was established during the opening days of the year was able successfully to withstand the shock which might conceivably have been imparted when last Monday came the announcement of Dr. Brilning's statement with regard to Germany's complete inability to meet Repara- tion payments. German Bonds reacted slightly for a time, but recovered later, and a good feature has been the greater steadiness of British Rails and some other Home Industrial stocks ; one hopes that ere long we may feel the effects of some slight revival in industrial activity. Moreover, the Trade Returns for December were of a more encouraging character than of late, especially as regards the exports.
A LIQUID BALANCE SKEET.
It would be difficult to find a more liquid balance sheet than that which has just been published by Messrs. Glyn, Mills and Co. At the end of last year current, deposit, and other accounts stood at 232,104,060 (a figure including provision for contingencies) while cash assets, including balances with and cheques on other banks and money at call, give a proportion to the deposits of over 40 per cent. Moreover, of the total of investments amounting to £7,096,000, British Government Securities account for the greater part of the item, the total being £6,211,000 as against £5,748,000 a year ago. The Reserve, too, is unchanged at 2530,000, so that no part has been required to cover depreciation in securities.
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