THE NATIONAL. FixeNcEs.
A further circumstance tending to impart a hesitant tone to the investment markets and to British Funds in par- ticular is the uncertainty with regard to the outcome of the nation's- current fiscal -year. It is too early, of course, to judge from the great falling off in Income Tax and Surtax revenue that there may not be considerable recovery in those respects before the end of next March, but the recovery will certainly have to he very pronounced to prevent the year closing with a deficit. Should the year fail to close with a balance on the right side, the fact would be very disheartening to the taxpayer who has been called upon to make such great sacrifices, to say nothing of. the rentier who has con- verted his War Loan, and the next Budget, instead of promising relief to the taxpayer, might be awaited with feelings of anxiety.
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