Financial Notes
QUIET MARKETS.
THE fortnightly settlement on the Stock Exchange this week revealed nothing the way of any serious embarrassments arising out of the great shunp in British Controlled Oil shares following upon the death of Mr. James White, and while there is little doubt that considerable losses must have been suffered in many directions, they would seem to have fallen on shoulders able to bear them. In that respect, there is little doubt that the limited character of post-War contango facilities does much to prevent the weak element from speculating in the markets, and even speculative shares are to that extent less sensitive to unexpected adverse influences. The speculative purchaser who has obtained a fairly long- dated loan with which he has taken up the shares acquired,
is in a position to wait until Vv: first shock of untoward events has passed before effecting realizations, whereas those who are contangoing from account to account are in a different position. Not only so, but whereas under the old contango system an over-weighted Bull account was easily revealed by contango rates, thus making the market vulner- able to Bear attacks, speculative positions to-day are much less clearly revealed. * * * *
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