FINANCIAL NOTES'
LARGE CAPITAL FLOTATIONS.
A week that has seen the flotation iof nearly £10,000,000 of new capital can, however, scarcely be regarded as devoid of financial activity.. Moreover, the very number and, extent of the new loan and capital flotations constitutes, of course, one among many other explanations of the quietude of business in existing securities. The effect of these flotations -upon the volume of capital resources is not always felt immediately, but sooner or later, when the instalments become due, the effect is inevitable. Of this week's flotations quite the most important as regards size have been the offer by New South Wales of £4,000,000 in 5 per cent. stock at 98 ; the flotation by Messrs. Baring Brothers, N. M. Rothschild and Sons, and J. Henry Schroder and Co. of a State of San Paulo Water- works Loan for £2,500,000 ; and also the issue by The Skoda Works of £2,500,000 in 71 per cent. First Mortgage Sterling Debentures at 95. The other issues of the week were smaller in character and chiefly of a domestic industrial character..
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