GOVERNMENT LOAN SUCCESS.
I ant glad to find that my rough guess as to the respun.e given by the public to the Government's New 4 per cent Consolidated Loan proved to be very near the mark. The guess I ventured upon was £200,000,000, including cash and conversion applications, and the actual total was £209,358,84 of which £81,298,575 were in respect of cash applications, and X128,060,314 in respect of conversions. This it will be sea that the results slightly exceeded the best expectations, and for a time the new stock was freely dealt in at about N., prem. ium. Later, however, it became evident that " stag " appli cations had figured largely in the cash RA and realization occasioned a material set-back, while the market was, al course, also affected by the reaction in other securities.
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