Financial Notes
QUIET MARKETS.
THE stock markets are beginning to feel the effect of the approaching height of the holiday season. When business is brisk it is no unusual experience for dealings to continue active right up to the end of July ; but when, as is the case at present, there has been some dullness for a considerable period and a general lack of confidence, it is scarcely sur- prising that there should be no disposition to initiate a for- ward movement on the eve of the holiday season. In one or two directions, however, and notably in the market for British Funds and kindred stocks, cheap money continues to be a supporting influence, and the two outstanding features in that market during the past week have been the strength of Funding Loan on American buying and the further rise in the 5 per cent. War Loan, which at one time touched 103k buyers. From time to time rumours are current of some wonderful conversion scheme looming in the immediate future whereby under penalty of being repaid at par holders of the 5 per cent. War Loan are to be invited to consent to a con- version scheme on lines highly profitable to the Government. The fact, however, that the bonds should have risen to the price just mentioned shows that holders as a whole have very little fear of any early redemption at par.
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