* * * * JAPANESE LOAN SUCCESS.
On the other hand, some of the securities giving a somewhat higher yield have shown a fairly good tendency and the market for the better class Foreign Bonds received some stimulus from the great success which attended the flotation of the English portion of the Japanese Loan. It was largely a conversion operation, but cash subscriptions were also invited and so greatly was the issue over-subscribed that while offers to convert were accepted in full, cash applicants only received about 10 per cent. of the amount applied for, while the hundred-pounders had to be excluded altogether. Moreover, some of the speculative markets have been active in places, a good deal of attention being given to some of the Rhodesian Copper Mines, while Oil shares have advanced under the lead of Burmah where a great increase in profits and dividend was announced.
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