, Financial Notes
BErrEa MARE:Ers.
LESS pessimism regarding the outcome of Lausanne, following upon the informal conversations between M. Herriot and Mr. Hatnsay MacDonald, has promoted a more cheerful feeling, (Continued on page vi.) Financial Notes
(Continued from paje
both at home and abroad. Gilt-edged stocks recovered from the dullness which had been apparent in the previous week, and the Central Electricity Board's £10,000,000 issue of ai per cent. Stock at 90 was quickly oversubscribed on Monday morning. In some quarters it is-now thought that the gilt- edged market will be free from competition of important new issues for a little while, so giving scope for development of the influence of continued cheap money conditions. Australian stocks, too, have recovered further on the defeat of Mr. Lang at the New South Wales elections, and this, together with improvement of Australia's economic position, and given a further recovery in gilt-edged stocks as a whole, should pave the way for the meeting of the heavy maturities which have to be faced on behalf of New South Wales. The first of these is for £13,000,000 in November in respect of the 51 per cent. Loan, the price of which is now near its par value. The leading international securities have derived some benefit from the brighter outlook as regards the reparations question, but Wall Street has continued in a hesitating mood owing to the uncer- tainties of the financial position and the agitation over the war bonus question. Home Railways have remained in the dumps, and the Industrial market generally has failed to attract the investor, Irons and Steels failing to respond very much to the imposition of import duties on foreign iron. Sentiment, however, varies from day to day, and until the world trade position is clearer it seems unlikely that interest in the stock markets, except of a professional character, will extend much beyond the investment sections.
A. W. W.
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