Financial Notes
BETTER MARKETS.
THE new Account on the Stock Exchange started 'off at the beginning of the week with a somewhat more cheerful tone than that with which the previous one had closed. The improvement can only be attributed to the pressure of surplus supplies of available investment capital on markets where there are very few sellers of sound securities. Even if such sellers exist, they are, as a rule, only confronted with the necessity of reinvesting in stocks which have risen probably quite as much as those on which they have been tempted to take a profit. The gilt-edged market generally has shown a disposition to harden up, though with the demand rather con- centrated upon those stocks which have definite redemption dates and do not stand above redemption values. The Mersey Docks and Harbour Board issue, the lists of which opened on Tuesday, was quickly over-subscribed—although this was a stock yielding only £3 1 ls. 6d. per cent. and not eligible for trustee investment. The Central Mining and Investment Corporation's 5 per cent. Preference Share issue in £1 shares at 22s. 6d. was also very heavily over-subscribed, for it gave the attractive yield for a well-secured Preference issue in these days of £4 8s. 9d. per cent.
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