Financial Notes
MARKETS AND STERLING.
BUSINESS on the Stock Exchange has continued on a very small scale, but the gilt-edged market has shown itself some- what less sensitive to movements in the exchanges, the sharp fall in the gold value of the pound early in the week being accompanied by a relatively small decline in Government securities. Markets as a whole are waiting for light on the German position from next week's bankers' conferences, but it is also recognized that the disturbed exchanges throughout the world are seriously affecting international trade. The further depreciation in the pound, therefore, has not caused a rush to buy industrials, as was the case when sterling first broke from its gold parity. Industrial reports coming to hand have also had a damping effect, for they reflect the very un- favourable conditions existing over the last twelve months or so. The Gramophone merger, for example, reported a profit of only £180,000, as compared with more than £1,400,000 by the two constituent companies in the previous year. The high premium on gold has promoted much more interest in- Mines,- and - those shares possessing international markets have been fairly firm despite weakness of foreign Bourses, for the fall in sterling automatically raises their
London prices. ,
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