Financial Notes
RISE IN BRITISH FUNDS.
Tun outstanding features in the Stock Markets during the past week have been the further rise in British Funds and kindred securities and the upward movement in English Railway stocks, and especially the Preference and Debenture stocks. The rise in gilt-edged securities received a fresh impetus from the speech by Mr. Keynes in which some reference was made to the possibility of Government stocks getting on to a 2 per cent. basis, while the cheapness of money continues, of course, to be a powerful factor. The "satisfactory weekly Returns of the National Revenue have also been an influence as they have given rise to all kinds of favourable reports as to the extent of the coming Surplus and the possibility of a lower Income Tax. Undoubtedly, however, the Chancellor of the Exchequer has been well advised in uttering a word of caution with regard to what he described as somewhat fantastic estimates of the Surplus and I am inclined to think it is a little early to speculate too certainly with regard to
possible Income Tax remissions. • (Continued on page 354.)
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