* * * * FOREIGN LOANS
This view may be said to have gained greater acceptance, but at the same time there has been sufficient uncertainty with regard to the situation—it might be said, almost, sufficient anxiety—to occasion a restriction of Stock Exchange activity. This uncertainty was accentuated by the increase in capital flotations and especially in Foreign and Colonial borrowings. Even since the turn of the year, Foreign and Dominion Loans in one form or another have aggregated about £10,000,000— to say nothing of the German Potash Loan for £5,000,000 floated in Liecember—while at the moment of writing there are rumours of a- New South Wales Loan for £11,000,000 and one or two interesting foreign loan flotations. As 1 have frequently explained in these columns, it has to be remem- bered that, however much foreign and -Dominion loitps may react favourably upon our trade conditions later on, the first effect of such borrowing is usually to depress the sterling exchange.
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