FINANCIAL NOTES.
Once again I have to report the wonderful resisting power of the Stock Markets to adverse influences. On Monday, following a sharp break in the Continental' exchanges, the Stock Markets certainly wavered for a time and prices, especially of those securities dealt in on French account, gave way. The reaction, however, proved to be short-lived, and gilt-edged securities especi- ally became quite firm again on the following day, while in the Speculative Markets a feature was the renewed' activity and strength of Rubber shares, the public showing a decided disposition—wisely or not I should not care to say—to take a hand in the gamble. * * * It must not be supposed, however, that the City does not regard the Ruhr crisis with the utmost gravity. On Monday the franc fell at one time to about 73 to the £, which is quite the worst quotation ever touched' by French currency. On the same day the mark fell to about 120,000 to the $£, but when currency has reached such depths it can only be regarded as a mere gambling counter, and, as a matter of fact, the City was far more impressed and concerned with the depreciation in the franc than with the further slump in the mark. For, quite apart from the apprehensions lest the Ruhr crisis should lead to a renewal of strife and bloodshed, the City is concerned lest the course taken by France may worsen the financial and economic position of that country. * * * * A good deal has been said and written during the past. week concerning negotiations for funding our debt to America. The wise reticence which has certainly been exerted since our representatives left Washington by the American Press is, however, very much to be commended. On Saturday the Chancellor of the Exchequer and the Governor of the Bank of England will have returned and the Prime Minister will then have the opportunity of learning at first hand their views with regard to the whole matter. Those gentlemen may certainly be trusted to place first and foremost the highest interests and the good credit of the United Kingdom in this matter, and I have no doubt whatever that Mr. Bonar Law, who has always been ready to act upon the most competent advice, will shape his policy according to the recommendations made to him by those whom he elected to represent us at the recent meeting at Washington. If there is to be further delay it is quite clear that three unwelcome facts will have to be faced. One is the deferment of a settlement for a considerable period owing to the adjournment of Congress, another is the enormous remittance involved by simply meeting interest in the meantime on a 5 per cent. basis, and the other is that so long as the matter is hung up so long will there be unsettlement of a character disturbing to confidence and therefore detrimental to trade activity.
The City highly approves of the decision of the Directors of the London County Westminster and Parr's Bank to propose to the shareholders that the title of the bank should be shortened to Westminster Bank, Limited. Undoubtedly the fusions of recent years have led to some very cumbersome titles of our leading banks to which, of course, Lloyds and Barclays constitute important excep- tions. In the case of the London County Westminster and Parr's the title was particularly unwieldy, and while one is sorry to lose track of the old associations connected with the " London and County " and with " Parr's," the shorter title is to be commended, while the choice of the retention of " Westminster " is justified by the fact that the old London and Westminster Bank was the oldest established of all the great joint stock banking institutions. A. W. K.
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