FINANCIAL NOTES.
A good feature of the week has been the declared success of the Japanese loan. For the reasons set out in this column last week I expressed the opinion that the loan would be considerably oversubscribed. As a matter of fact, the amount actually offered to the general public, namely, £13,000,000 out of the £25,000,000, was covered considerably more than three times. With admirable celerity the issuing houses got out the allot- ment letters within two days of the closing of the con- version lists, and by Monday dealings were taking place on the Stock Exchange at 2 premium, and at the time of writing the quotation stands at about 2f premium. Large applicants for the loan generally received about 10 per cent. of the amount applied for, while owing to the extraordinary rush of small individual subscribers it was found impossible to allot to the " hundred
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