Financial Notes
RISE IN BILAZILS.
IRREGULAR movements have characterized the stock markets during the past week, but on the whole the tone has not been unfavourable. High-class investment stocks have been quietly maintained, while in the more speculative sections the feature has been the very sharp recovery in Brazilian stocks. This has been due to the announcement that Sir Otto Niemeyer, of the Bank of England, has, with the consent of the Bank of England, been invited by the Brazilian Government to proceed to Braiil and advise upon an agreed plan covering certain important fiscal reforms in Brazil, these reforms including the reconstruction of the Bank of Brazil as an orthodox Central Bank on independent lines and the stabilization of the Brazilian exchange. It is, of course, far too early to form any adequate opinion as to the success likely to attend Sir Otto Niemeyer's mission, but we know that Brazil has secured one of the most com- petent financial experts in Sir Otto Niemeyer, while the step taken by the provisional Government of Brazil must certainly be regarded as 'indicating a real desire that there should be an enquiry from a competent quarter into the position.
* * * *
Previous page
