A STEADY TONE.
ELECTIONEERING, Reparation, and Monetary uncertainties may have excited a restraining influence upon general com- mitments on the Stock Exchange, but up to the present they had had comparatively little effect in depressing prices, the general tone of markets keeping firm. Some of the Home Railway stocks, too, have rallied a little, possibly being stimu- lated by the fact that the various political parties seem now to be vieing with each other in a sudden enthusiasm for the possibilities of railroad developments. Nor has the impending General Election had the effect of bringing fresh capital issues to a standstill. On the contrary, these have been quite numerous during the last week, and seem for the most part to be meeting with a good response. A notable feature of the week has been the announcement of a Commonwealth of Australia Loan for £12,000,000 in 5 per cents. at 97. The Loan, however, is largely in the nature of a conversion oper- ation, holders of Queensland obligations maturing on July 1st next being given the opportunity to convert into this issue. The new loan has on the whole been well received, first be- cause the terms are attractive and secondly because it is thought that this merging of Queensland indebtedness into that of the Commonwealth affords evidence of the general co-ordina- tion and consolidation of Australian borrowings.