. A Goon YEAR. - Nor can a. year which
is closing with the signing of the Locarno Pact be regarded as other than favourable in character. It is seldom that a year fulfils all the rosy anticipations formed in advance, but unless there should be untoward developments during the next few, weeks there seems to be every prospect that the year 1)25 will have come more closely up to estimate than some of its predecessors. In the matter of international politics it may be said that the Loearno Pact has completely fulfilled expectations, While in the financial world the feature has been the return by this country to the Gold Standard; followed still more recently by the removal of the embargo on foreign loans. Finally, as regards the Stock Exchange, it may be said that the predictions of,a twelvemonth ago have been very closely verified and not least as regards the general tendency of business. As readers of this column are aware, no attempt is -made in these articles and notes from week to week to spot particular " winners " either for the speculator or the speculative investor,; but an-attempt is 'made from time to time to indicate the pro- bable. drift of interest from one section of markets to another. This it is often possible to do,, not by any kind of " tipping " or " inside " information, but by a careful consideration of cause and effect and a study of the prod liable tendencies of the Money Market. Thus, a year ago, when writing on the outlook for 1925 so far as the.stock markets were concerned, I fund that I said : " On balance, opinion • favours considerable activity in the industrial and speculative sections with less activity. but compara, tive steadiness in investment securities." .„ •
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