Financial Notes
NEW LOAN SOCCESS. •
WRITING a fortnight ago in the Spectator I expressed the view that the response to the,new•Loan was likely to be a very large one, and- I am glad to note that this expectation has been amply fulfilled, the Chancellor of the Exchequer being able to announce last Monday that cash subscriptions alone amounted - to £154,000,000, while, in addition, :Treasury Bonds maturing -next spring' to the amount of £79,000,000 have been surrendered for -conversion.- This operation, therefOiy,- has- put the Treasury. in a fairly strong position with 'regard to its early maturmgkobligatiqns, while it has also increased- the prospect of holders of the existing War Loan converting extensively into the new issue during the months of January and February next. Unhappily, the success of. _the issue has not had very much effect upon existing Governaient securities, but that, as I explain else- where, is largely due to the ill-effects produced'by the prospect of a further expansion in the national expenditure. * * * *
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