TREASURY BOND RESULT.
No definite figures were available but the market estimated that the amount of debt maturing on October 1st was about £70,000,000, and consequently there was particular interest as to whether the proceeds of the new Treasury Bonds would be sufficient to meet these maturities. All doubts on that point were set at rest on Tuesday by the fact that the total applications exceeded 180,000,000, and the Treasury allotted 165,000,000. Tenders at £99 6s. 6d.—that is to say, those over the minimum—received about 52 per cent. and those above in full, while the average price obtained was just over 199 7s. 5d. The Treasury has undoubtedly to be -congratu- lated upon the large volume of applications, but as regards the price obtained I am only expressing the general opinion of the City when I say that the terms are the best perhaps obtainable in view of the Government's failure to economize in Expenditure and to reduce taxation.
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