27 JANUARY 1939, Page 36

FINANCE AND INVESTMENT RATHER sooner than most of us expected—although

we did expect it—stock markets have surrendered to another bad attack of political nerves. This has happened not merely in London and the Continental centres but also in Wall Street where, indeed, the falls have been even more precipi- tate than here. There is no lack of assurances that the selling has not been really heavy but that has not prevented the falls in prices from being quite severe. In times such as these jobbers are understandably reluctant to put stock on their books and buying by the public, as distinct from " bear covering " by professional investors and speculators, has been virtually non-existent. The technical position of markets, both in London and New York, is undoubtedly very strong, but so is the pressure of political doubts. Frankly, I cannot see any genuine recovery in prices just yet.