FINANCIAL NOTES.
The composition of the National Debt Enquiry Com- mittee finds favour in the City. Banking is well repre- sented by Lord Colwyn, Sir Charles Addis and Mr. Henry Bell, and while the Socialist -element is also in evidence; shipping and commercial interests are adequately repre- sented. Sir Josiah Stamp, who is also a member, is a tower of strength in himself to any committee concerned in investigating matters connected with the National Debt or the incidence of taxation. Nothing but good should come of the enquiry. * * * * In the absence of any untoward developments it looks as though there might be considerable financial activity during the next week or two in fresh capital flotations, for, assuming that the details are sufficiently attractive, the chances of a good response by the investor are considerable. Before this letter appears in print the flotation will have been made of the issue of 51 per cent. First Mortgage Debenture Stock by Vickers, Ltd., at the price of 98k, and the issue has been well received by the market. At the moment of writing the i result s not known of the very large conversion operation of New South Wales involving over £16,000,000 of capital, and there is considerable interest as to the steps to be taken by Queensland with regard to a large line of maturing debt in July. Meanwhile a new Loan for the Kingdom of Siam for about £3,000,000 is looked for shortly, the Loan being in 6 per cent. form, while the market is talking the issue price at probably just under 96. There has also been much talk as to a probable big issue of nearly 15,000,000 of 8 per cent. Cumulative Preference Shares in connexion with the latest newspaper deal. * * * * I ean recall few instances where a. speech delivered at a gathering of shareholders proved to be of greater interest to the general public than that which was delivered yesterday at the .annual meeting of the British Italian Banking _Corporation by the Managing Director, Mr. Manzi Fe. The Chairman of the bank, Mr. Beaumont Pease, had previously given a good report of the progress made by the bank, but Mr. Manzi Fe's address was entirely concerned with a critical examination of both political and economic conditions in Italy. In particular Mr. Manzi Fe's speech constituted a most useful analysis of the whole Fascista movement in Italy. * * * * There are two points in his analysis of the situation to which I will make a brief reference. In the first place, it is clear that the success of the Fascista movement is very largely due to the fact that it was founded upon a spirit of intense discipline, both as regards the individual and the nation. In the second place, the movement has been shown to be democratic in the best sense of that term ; that is to say, it has not been a case of legislation for a class, but legislation for the good of the whole country. In .the third place, those who read Mr. Manzi Fe's address will note the stress which he lays upon the fact that throughout it has been the policy of the Fascists Government to encourage private capital and private enterprise and to set its face against the national- ization of industry. * * * * Pressure on your space has prevented my making a reference earlier to the satisfactory report issued last month of the Britannic Assurance Company. I notice that in the total premium income for the year, which amounted to £2,549,000, there was an increase for the year of no less than £143,000, while 'the gross income of the company from all sources was just under £8,000,000, being £201,000 in excess of the previous year. The balance of income over expenditure was £1,018,000, and the resulting surplus from the annual valuation was £274,000. Ordinary branch .policies in the immediate participating class are to receive a reversionary bonus at. the increased rate of 86s. per cent. for the year. A. W. K.
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