The Times of Wednesday published an interesting state. went of
the new capital created in the first six months of the present year in the shape of Home, Colonial, or Foreign Issues offered by tender or by auction. It appears that the new capital so created amounts to over nine millions and a half, and this is exclusive of a much larger list of miscellaneous issues provided by subscription. Of these nine millions and a half, the Indian Government is responsible for £2400000, five Indian railways, taken together, for 21,809,000, the London County Council for 21,000,000, and Western Australia for 2730,000, while the rest is distributed amongst a number of smaller cor- porations. The much larger list of stocks issued to sub- scribers by a number of companies (of which, no doubt, a considerable proportion are speculative enterprises that may bring no return), shows how enormous is the amount of capital seeking investment which capitalists are prepared even to risk, rather than keep it idle at their bankers. As regards the nine millions and a half of capital just referred to, the rate of interest varies from 21 to 4 per cent., though in two other cases the maximum rate is said to be 7 per cent., a maximum probably not very likely to be reached. It is hard work to save an income out of capital invested at an average of 3 per cent, which is quite as much as the safer securities give.
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