NEW CAPITAL RESULTS.
To a. great number of successful fresh issues of capital has now to be added the Victorian Loan, which appears to have been covered about fourteen times, while the West Hartlepool Loan for £600,000 was also oversubscribed. In the case of the Victorian Loan, attractive terms of issue, namely, 5 per cent. at 981, were no doubt responsible for the large applies- tions,-while the success of the Hartlepool Loan, which was in 5 per cents. at par, would seem to indicate that so long as a Trustee Stock yields the full 5 per cent: a good response is at present assured. I referred last week to the success of the San Paulo Coffee Bonds and So large was the number of individual applications for the Bonds that in the ease of the very small applicants the question of allotment had to be decided by the process of ballotting, At the moment of writing, it seems likely that during the next month the stream of new capital issues will continue, while later in the year it is evident that we are to have another new League of Nations' Loan, this time for Bulgaria to the extent 'of about £2,250,000.
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