Financial Notes
INVESTMENT STOCKS WEAK.
THE most prominent feature in the financial situation, to which a reference is made elsewhere, has been the considerable relapse in the value of the pound, and as a consequence there has been a setback in high-class fixed interest-bearing securities apparently due to the idea that the effect of this decline may be seen ere long on prices. To some extent the fall in the pound may have been accentuated by the announcement at the end of last week that, of the large dollar and franc credits obtained by the Bank of E gland, repayment of two-fifths of the equivalent of £50,000,000 was being made by the Bank, and that bar gold to the amount of £15,000,000 had been sold. But while gilt-edged stocks weakened in sympathy with the fall in the pound, industrial shares have kept fairly steady, presumably on the idea that foreign purchases of goods may be stimulated by the decline in sterling. Transatlantic de- scriptions also have been rather harder on a better tone being displayed in Wall Street. * * * *
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