* * * * FRESH CAPITAL ISSUES.
While the general response to fresh issues of capital continues to be of a satisfactory nature, there is rather a growing tendency for the success of such issues to depend very largely upon the operations of the mere premium hunter. Thus, in the ease of certain of the gilt-edged stocks offered recently, the terms have not been sufficiently attractive to bring in the " stag," with the result that underwriters have had to take up a considerable PrePoitiOn. On the other hand, when the yield has been high and the chances of a premium have been visible, a quick response has been given and a notable instance during the past week was the early closing of the lists of the issue of £3,000,000 in 7i per cent. Preference Shares.in Morris Motors (1926), Limited. All the same, it would not be surprising, before the holiday season is really upon us, to find a certain amount of financial congestion, which usually characterizes the end of July, from which the pause in capital creations luring August and September affords opportunity for recovery. At the moment of writing it looks as though there might be at least one important foreign loan before the holiday season and probablY One or two more flotations of Corporation stocks.
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