Financial Notes
SUBDUED MARKETS.
IT should be unnecessary to say that the Stock Markets during the past week have been completely dominated, first, by the Illness of King George, and, later by the news of his death. (Continued on page 155.)
Financial Notes
(Continued from page 153.) The markets being closed on Saturday last, the news Of King George's illness did not become known in the House until Monday morning, and the immediate effect was to restrain dealings in all departments. On Tuesday, as might have been expected, the Stock Exchange and most of the leading com- modity markets were closed out of respect to the late Sovereign. The closing of these markets, it cannot be too clearly under- stood, however, was not prompted by any apprehension of a heavy fall in -prices, but by the natural feeling that by reason of the national sorrow there would be little disposition to condrict business operations. Those conditions, of course, in due time will pass, and while it is impossible to forecast the future, I am inclined to think that in the absence of any unforeseen disturbing development in the international situation, markets will recover their tone. Following the death of a Sovereign, there is the usual restraint upon domestic trade, but the effect is not enduring and fortunately, at the present time, technical conditions in the Stock Markets are satisfactory, and the same may be said with regard to the general economic conditions throughout the country. * . *. *
• A FINE RECORD.
After the satisfactory dividend distribution by Michael Nairn and Greenwich Limited, the Holding Company for the well-known linoleum manufacturing businesses, Sir Michael Nairn, at the annual meeting, was able to-speak hopefully with regard to the future. He saw no reason, he said., for the slightest pessimism, given a continuance of an atmosphere of confidence and security and the maintenance of peace both abroad and at home. That the burden of heavy taxation constituted a handicap is, however, undoubtedly true. Sir Michael mentioned that their latest subsidiary, Michael Nairn and Co., had a record of eighty-eight years of steady progrest and continued expansion. The present Company has main- tained the 124 per cent. dividend- distribution over a period of twelve years, while for the past year there is an additional cash bonus of 24 per cent.
THE STOCK EXCHANGE CHAIRMAN.
The announcement made last Monday at the weekly meeting of the Stock Exchange Committee by the chairman, Sir Archibald Campbell, that he did not intend to stand for re-election to the Committee, in March next, has been received with universal regret in the City. Sir Archibald Campbell has been chairman of the Stock Exchange Com- mittee now for some thirteen year's, a period which I believe has only been once exceeded by any of his • predecessors. Moreover, before his election as chairman he was deputy- chairman for some five years, while his connexion with the Committee goes back to 1912. Few men have filled the position of chairman of • the Stock Exchange Committee with greater success or greater dignity than Sir Archibald Campbell, who, I consider, •will always -be remembered as a chairman who, while serving in every way the interests of the Stock Exchange, has combined that responsibility with a full recognition of all the responsibilities of the House to the general public. Indeed, one of the members of the House in a notable appreciation in the Morning Post says " Under Sir Archibald Campbell's chairmanship the Stock Exchange prestige has been advanced and strengthened.
• • . He has won respect for himself, the House and his fellow members by the unceasing exercise of his determination to uphold, in every way, the honourable traditions of the House and to maintain, at every point, the axiom that the best interests of the House are also the best interests of
Previous page
