Financial Notes
CORPORATION ISSUES.
-Ix view of the tendency of high-class investment secant 'to pull, it will be interesting to see whether the Eng :corporations are able successfplly to maintain the level which they have recently been making numerous flotatio feiv months ago it was necessary for these corporations offer 5 per cents. at a little below par to ensure an ample respo from the investor. Subsequently, however, and partly as result of a scarcity of trustee stocks, and partly because anticipations of lower money rates. very successful issues is made, first in the form of 5 per cents. at par and, later, in 5 cents. at 1001. Even at this higher level there have been so very successful flotations, and in the case of one or two 1 scrips have subsequently . commanded substantial premiu At the time of writing two issues are actually before the pub one being Newport (Mon.) for £750,000 in 5 per cents. at 1 and the other being a City of Sheffield Loan for £1,500- on the same terms. These issues will have to contend less favourable conditions generally than existed a weeks ago; and it is rather open to question whether 5 cent. Corporation stOcks above par will remain a fear proposition.- The. security, no doubt, is -good, and the st are popular, but local, like national, expenditure is on fat t lavish a scale.
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