CANADIAN kI0,000,000 LOAN.
Canada's appearances as a borrower in the London market are rare. This week's issue of £ro,000,000 Dominion of Canada 3f per cent. registered stock 1958-63 at £98 los. per cent. was therefore an event of much interest. The success of the issue seems assured, since an offer of conversion has been made to holders of £10,752,172 maturing 3 per cent. and 3i per cent. stocks. But the full result of the issue will not be known until after the list for conversion applications closes next Wednesday. Canada's last loan in London was the issue in May, 1934, of L1o,000,000 3f per cent. stock 1950-1955 at £96 SOS. per cent. That stock now stands at around par, so that even allowing for the longer date, the new stock at £98 los. looks attractive. Thanks to the increasing production of gold and base metals and the sharp improvement in the newsprint industry Canada's economic position has been steadily strengthening. ' Her credit has thus been able to withstand certain internal financial problems and the shock of the Alberta experiment.
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