Financial Notes
EUROPEAN LOANS BETTER.
NOT the least satisfactory feature in the Stock Markets during the past week has been the better tone displayed in some of the European reconstruction loans as a result of the settlement at Geneva of the Lithuania-Polish crisis. It was felt that the promptness and completeness of the settle- ment constituted a tribute to the prestige of the League of Nations and not only the Polish Loan—which, of course, was not a League of Nations operation—but the loans actually sponsored by the League advanced. Another point, not without its influence upon European stocks, was the announce- ment during the week that a settlement had been reached with regard to the war debts of the Greek Government. It is believed now that most, if not all, of the obstacles have been removed for the flotation of a Greek loan of about £6,500,000, which seems likely to be offered in the com- paratively near future. Meanwhile, the strength of gilt-edged stocks continues, and among other successful flotations mention may be made of the instant success which attended the recent offer of £3,000,000 in Port of London 5 per cent. stock at the price of 99. Although not a trustee stock, the amount was quickly oversubscribed.
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