OTHER ISSUES COMING.
• It is -common knowledge that the work of electrifying certain sections of the railways will extend well over five years, and at firSt sight some surprise may be felt that so large an amount should be. borrowed ahead of immediate requirements. Indeed, in Sonie quarters of tileMarket the large size of the Loan was regarded' as indicating a belief on the part of the authorities that an upward movement in money. rates and a downward movement in gilt-edged stocks was to be expected. Such, however, was scarcely the care, fully considered opinion of the City as a whole. It was recognized that the Transport Company making the issue on behalf of the railways was in the position of knowing that within a period of five years some 05,000,000 to 240,000,000 would have to be borrowed. Therefore the borrower was rather, in the position of being unwilling to take the risk of any change in Monetary ,conditions, especially as it would be quite possible to' invest the probeeds of the Loan hot immediately required for carrying- out the work of electrifica4 tion; and, moreover, instalments on the &82,000,000 Limo E! are spread oyer the next six months, the largest Mstaiment not being payable until January ,of next year. Not only so,`, but inasmuch as the Governineot. Will: doubtless have some Ilousing loans :to bring out, and while Australia has also to carry through some further conversion operations, it might (Continued on page 134.) Financial Notes (Continued from page 132.) well have been thought that the big Railway Loan should be got out of the way, by borrowing a very large amount at one time.
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