A LOAN FOR IRAQ.
Not the least interesting feature of the past week has been tae announcement of a loan for Iraq, the amount being ii,000,000 in 44 per Cents., offered at the price of 94, the offer being made through Messrs. Baring Brothers. This note,- I am afraid,-will appear too late to be 'of any use to the potential investor, for I anticipate that, by the time it appears in print, the subscription lists will have been closed and the loan very 'much .over- subscribed. Allowing for redemption in fifteen years' time,
the loan gives a yield of just over 5 per cent., while there is a substantial Sinking Fund attached to the loan. Most, if not all, of the proceeds of the loan will be used for amounts due in this country to contractors and for materials in connexion with railway and other development works proceeding in Iraq. The loan, which is part of an authorised amount of Z3,000,000, has received the full approval of His Majesty's Government. * * * *
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