NEW Soca' WALES LOANS.
Of the foregoing flotations, the most successful from the point of view of response by the public was the San Paulo issue, which, thanks to the good credit enjoyed by San Paulo in this country, and by reason also of the eminent auspices under which the Loan was issued, was .quickly over-subscribed. At the moment of writing the results of the issue by The Skoda Works and the New South Wales Government have not been announced; though before this article appears in print the lists, of course, will have been closed. What will be the result of the New South Wales flotation remains to be seen, but, partly by reason of the frequent borrowing, and partly, I think, becaUse of the meagre information given in the prospectuses, New South Wales flotations latterly have not been conspicuous for their success. In the case of new countries within the Empire it would obviously be unfair to press too severely the point of debt per head of population. Nevertheless, the relation between them- has to be kept in mind, and in the ease of New South Wales the figures are beginning to occasion some concern. And whereas in the case of New Zealand the loan prospectuses usually give very full information with regard to the financial position of the Colony, the prospectuses of New South Wales are of the most meagre description, and the point is beginning to affect the investor. Moreover, I believe I am right in buying that from the General Loan Council formed by the Commonwealth Government to secure co-ordination in the matter of Australian State borrowings, New South Wales, for some reason, has chosen to stand aloof.
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