Financial Notes
A STRIKING ISSUE.
So far as " size " is concerned, the dominant feature of the loan issues of the past week has been the offer of an India 4 per cent. loan for £12,000,000 at the price of 974, the greater part of the amount being required to provide funds for redeeming the outstanding balance of an issue of 17,000,000 in 6 per cent. bonds maturing next month. In point of interest, however, I think that the more striking feature has been the private placing of about .1750,000 in Hertfordshire County 8 per cent, stock at a price giving a running yield of about IS 2s. 6d. per cent. The credit of Hertfordshire -County is deservedly high, but the issue of a fairly large amount of stock upon almost a 3 per cent, basis constitutes quite a triumph for the county, while incidentally it testifies to the present dearth of supply of high-class trustee stocks, and possibly--though that is less certain—to a belief in a continu- ance of this dearth for some time to come.
Previous page
