Financial Notes
HOLIDAY MARKETS.
MAKING all allowances for the approach of August, which marks the peak of the holiday season, quite a fair amount of business has been transacted in the stock markets during the past week, and, with the melancholy exception of English Railway stocks, to which reference is made elsewhere, the tone has been comparatively cheerful. The outstanding feature has been the strength of British Funds, and notably of the 5 per cent. War Loan, which has risen to 102. The strength of the gilt-edged market has been directly connected with the steady inflow of gold, thus improving the Bank of England's position. It is true that no great ease is anticipated during the coming autumn, owing to the monetary position in the United States and the large amount of French balance!. still held abroad ; but, on the other hand, fears of any undue stringency have, to some extent, been relieved, and it is recognized that 44 per cent. Bank Rate inflicts no iniury either upon financial or commercial activity.
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