A RECORD PRICE.
Whatever the cause, however,-the strength of the 5 per cent. War Loan in particular has been an outstanding feature, for, allowing for the fact that the stock is quoted ex-dividend, the quotation touched last week of 1011 ex-dividend is equivalent to about-104 when the stock is full of dividend, and that is the highest price which had previously been touched by the 5 per cent. War Loan. But for the fact that the Government has the right to redeem in and after 1929, there is no doubt that the 5 per cent. War stock would be standing at a much- higher price, for it not only gives a yield of about £4 19s. per cent., but carries, of course, the additional advantage of Income Tax not being deducted at the source. On the other hand, the very fact of this con- cession to the holder as regards the Income Tax constitutes in itself a reason prompting the Government to deal with the loan at the first possible opportunity.
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