23 DECEMBER 1922, Page 30

FINANCIAL NOTE.

Business on the Stock Exchange has been severely restricted during the past week, as is frequently the case during the closing days of the year. Apart, however, from a setback in some of the gilt-edged securities, the tone has been wonderfully steady. The Foreign Exchanges, on the other hand, have been in a feverish condition during the week as a result of the extraordinary rumours—subsequently denied—circulated from the United States with regard to a possible international loan for Germany. I hope, in my letter next week, to deal with some of the outstanding financial features of the year, with some comments on present market