MONETARY INFLUENCES. .
A little •consideration, however, will show that most of the unfavourable influences enumerated have combined to reduce the demands for accommodation whether fOr the purpose of financing either trade activities. or. Stock. Exchange speculation. • Consequently liquid resources-- not necessarily fresh profits—have tended to accumulate and with money rates falling so that bankers have only allowed,1 per cent. on ordinary Deposits, the investor has literally been driven to employ his resources in some form of permanent security. Under these conditions the tendency has been to seek out those stocks offering the least risk of capital depreciation, and for the moment British Funds, rightly or wrongly, have been deemed to come into that category. Of course, there are occasions when developments, such as a Great War, will overyvhelm even the influence of cheap or dear money, whife even an upheaval in domestic politics, such as that occasioned by a General Election, will for the time being exert considerable influence. Bearing in mind these two essential points we may now, perhaps, enquire as to the indications , both as regards monetary and political developments in the New Year.
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