A DRAMATIC MOVE.

On Sunday came the announcement that President Hoover had made the offer—subject to consent of Congress—to forgo all War Debts due to her during a period of twelve months commencing from July 1st next on condition that the German Reparation payments were suspended during that year and, further, that all inter-governmental War Debts were suspended for a lik?. period. The effect upon the financial situation, and upon public securities in particular, was immediate and sensational. It would probably be no exaggeration to say that within a space of about two days anything from £500,000,000 to Z1,000,000,000 was added to the market value of securities here and in New York. Some Idea of the remarkable change of sentiment between- last Friday and to-day--Tuesday, the 23rd—rnaybe gathered froni the -quotation of the following securities talin almost at random : Tune 19th. :June 23rd.

Conversion Loan *1%.

.. 102/ .. 1021

Austrian 7% ..

861 89 2/ Berlin 6% ,

69. .. 73} 41 Brazil 5% Funding

63 .. 67 4 German 51% Loatt-

651- .. 741 .9 Hungarian 7i%

93 .. 96i 31 San Paulo 7% Loan

76f 80

Gt. Western Rly. Ord. • •

451 .. 49

3} L. M.- & S. Ord.

16 .. 18 2 Canadian Pacific Ord. ..

25i .. 281 3 Cables & Wireless " A "

13* .. 16

21 Brazil Traction ..

15} ..

181 31 Ford Motors

43/- 51/6 8/6 International Nickel

llf .. 15 3f Swedish Match " B " • •

91 .. II It Rio Tinto

• . 151 .. 18 3/ Ris0.