NEW CAPITAL ACTIVITY.
Indeed, there seems every likelihood that unless Mr. Snowden's Budget should be of a character to weaken con- fidenee—which I - cannot help thinking is -unlikely---new capital activity in the near future may be pronounced. For some time past there has been a feeling that markets at the various foreign centres have been preparing for activity in the matter of International Loan flotations, and it is now pretty evident that hopes are entertained of floating the first part of the Mobilized German Reparation Bonds during the month of May. The Brazilian Loan, if it 'materializes, will also be in the nature of an international operation, while I learn of several other important impending flotations, given Satisfactory conditions m the various money markets of the world.. At home, too, it is clear that there is likely to be greater activity in loan flotations in the near futnre, especially as regards corporation issues, two of which Barnsley and Sunderland—have made their appearance this week, while on Monday, instant success attended the offer bj the Southern Railway of £3,000,000 in 5 per cent. Guaran- teed Preference Stock at the price of 98k.
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