FINANCE AND INVESTMENT
IT says a good deal for the recent improvement in invest- ment morale that markets have entered the politically dan- gerous August-October period without a tremor. Indeed, there are indications of a mild reawakening of interest both among investors and speculators. The political optimists see in recent events the gradual passing of the initiative from the Axis Powers to the Peace Front, and are prepared, on modest lines, to translate this hopeful interpretation of the outlook into purchases in the stock markets. Whether they are right only time can show, and I must add that there is still a formidable array of City people who are genuinely apprehensive and prepared to keep the financial hatches well battened down at least until the late autumn. I hope the optimists are right. If they are, they will almost certainly reap a rich harvest, for markets give every indication of wanting to move higher if they are given a reasonable chance. Meantime, the record note circulation and the July unem- ployment figures tell the story of steady recovery in home industry.
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