BRITISH FUNDS FIRM.
Not the least striking feature of markets, having regard to all the circumstances, has been the material improvement in British Funds and kindred securities. This is the more noteworthy because a distinctly firm tone has characterized , the Money Market, while the persistent gold drain to Germany and elsewhere has occasioned some concern with regard to monetary prospects for the New Year. Unfortunately, the improvement in British Funds came after the Cash and Conver- sion lists for renewed Treasury Bonds had closed, and during the greater part of the time that the lists were open the markets were generally dull owing to the acute anxiety with regard to the King's health, and also because most markets were also affected by the sudden severe slump in Wall Street. Rightly or wrongly, therefore, the- market fears that the response to the Government issue may not have been as good as was hoped for, in which case, of course, the Exchequer will be left with a good deal of maturing debt-to be dealt with in the New Year.
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