NEW LOAN Acrivily.
During the past week the most noteworthy flotations have been the issue of the Brazilian loan for 17,000,000, followed by the flotation of the Polish loan for 12,000,000. In both cases the actual amounts borrowed by the respective countries were very much greater and, indeed, in the case of the Polish loan there was, in addition to the sterling issue, an offer of about $62,000,000 in New York and on the Continent. Having regard, however, to the far from settled aspect of European affairs, it is not surprising that the success of the Brazilian loan was more pronounced than that of the Polish issue. In spite of the magnitude of the loan, the Brazilian issue was probably covered about six times, but in the case of the Polish issue, although the lists were closed on the same day of the opening, it seems probable that the success was of a more moderate character. The final announcement of the result, however, has yet to be made. Among other flotations of the week may be mentioned a loan for Birkenhead for 21,000,000 in 5 per cents at 1014. In this case also the result of the issue is not known at the time of writing, but it was generally considered in the market that the price was about I per cent. too high, even allowing for the fact that it was:a full trustee security.
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