FINANCE-PUBLIC AND PRIVATE
MARKET TENDENCIES . _ By ARTHUR W. KIDDY.
FINANCIALLY,, as well as politically, the event of the past week has been the of the Locarno Pact. - For al- though this and that particular security may be affected by local developments, and while- the Money Market may be affected similarly, it will be found that, taking a com- prehensive view over the past few years, financial and commercial developments have been pretty closely linked with international Politics. In the War years these influences overwhelmed all others, and then came, not only the after-economic consequences of the prolonged War, but also the effect produced by the lack of political con- fidence throughout the whole of Europe.. It is not,, of course, to be assumcd.that with the-signing of the Loearno Pact international confidence-will necessarily at' once be restored and the international credit system he brought into full working operation ; but, at all events, a great step has been taken in the right direction, and, indeed, it may fairly be said that hopes of the Locarno Pact being ratified have, more than anything else, tended to 'offiet the effect which might otherwise have been produced Upon markets during recent weeks by the French political and currency crisis.
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