RECENT Issuxs.
Already there are signs of stirrings of life in the matter of capital flotations, and one of the first industrial concerns which has been prompt in taking advantage of the modification of the embargo has been the Daily Mirror Newspapers, Limited, which is making an issue of over £2,000,000 in 5 per cent. First Mortgage Debenture stock with principal, premium and interest guaranteed by Sunday Pictorial Newspapers (1920), Limited. The stock will be redeemed at 1021 per cent. by a cumulative sinking fund of 1+ per cent. per annum beginning in 1936, though the company has the right to redeem at any time after January 1st, 1938, at 103f. Other new issues during the week have included an offer by Barnsley Corpora- tion of £1,000,000 in 31 per cent. stock at 98, but the price was considered in the market as too high, and underwriters had to take up 78 per cent. of the issue. At the moment of writing comes news of an offer of Essex County Stock for £1,000,000, also in 8i per cents. at 981, but it is thought that applications may be on a fair scale as the price of Essex County stock stands high in the market. I fancy that during the next few weeks investors will probably have quite a number of fresh issues of capital from which to select, some of them being of the trustee order and others more in the character of Industrial Debenture issues.
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