Financial Note
REACTIONARY MARKETS, A WEEK ago, although business in the stock markets was quiet, the tone was steady with an upward tendency in some direc- tions. In view, however, of the factors which have operated during the past week, it is certainly not surprising that prices should have reacted in most departments. Every section of the House has been affected by the developments in the Far East, and in that connexion Chinese and Japanese Bonds have fallen heavily. The market for gilt-edged securities has also had to withstand other influences of an unfavourable character. The temporary default in the Interest on one of the New South Wales Loans gave a shock to holders of Australian securities, even though there is every reason to believe that the interest will be duly forthcoming, as a consequence of the action taken by the Federal Government of Australia. And finally, the market for investment stocks has also been hit rather hardly by the unexpectedly large issue by the Central Electricity Board of a Loan for no less than £7,000,000 in five per cents, at
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