WISE INVESTMENT
THESE are hard days in Throgmorton Street. Just as the promised boom was gathering momentum it has been very effectively nipped in the bud. The result is one of those rather dreary periods of stalemate when the opposing forcgS of trade prosperity and international political instability 'are evenly matched. Apart from the group of securities directly affected by the Sino-Japanese crisis, security prices. are . holding up remarkably well. Gilt-edged are as steady as:a rock, and home industrial shares show only trifling declines.
The inference is that while speculators are wisely keeping to the side-lines the morale of the general body of investors has not yet been impaired. The British investor is fast becoming a seasoned veteran who is prepared to face anything less than a world war with amazing sang froid. This is not an environ- ment in which I could advise the speculative investor to open any considerable commitments, but equally I should not rezommend holders of sound securities to sell just now. Markets are technically so strong that recovery will be quick whenever the clouds of international politics begin to lift.
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