IMPENDING LOANS.
It will not, I imagine, be long before the question of financing the enterprise will arise, and, having regard to the importance of the scheme 'as a whole, and the beneficial results which should accrue to industry, the stock should be a popular one. It should be clearly. understood that the undertaking is in no sense a Govein- ment Department, and indeed I imagine that there will, be no kind of Government guarantee, so that the ordinary, stock will presumably not come strictly within the category of Trustee Investments. Such, however, is the importance of the undertaking and the powers con-; ferred upon the Central Electricity Board, that there will be little difficulty in borrowing on the finest possible, terms. The total which the Board is authorized _to, borrow is £88,500,000, kit doubtless the first flotations will be for comparatively small amounts, though investors in this type of stock are quick to realize that from the point of view of marketability it is a direct advantage that the total should grow to sufficiently large dimensions to provide a really free market. Whenever the issue makes its appearance it is one in which considerable interest will be taken, and not only because of its appeal to the investor, but because of its connexion with the scheme which promises to do much to lighten the cost i of production in many industries in the country. ARTHUR W. 'KIDDY.
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