FRESH CAPITAL ISSUES.
The firmness of high-class investment stocks is the more remarkable in view of the steady stream of fresh capital issues, and these have continued right up to the eve of the holidays so that during the past week we have had two fairly large issues, one being an amount of £1,250,000 for Hungarian Provinces in 71 per cents. at 98, offered through Messrs. Barings, Rothschilds and Schroders, and, although at the moment of writing the prospectus has only just appeared, I should imagine that the• response will be very favourable. Another issue of an interesting but more speculative character which has also appeared during the past week is an offer of £1,275,000 in 7 per cent. Participating Debenture Stock of the Perak River Hydro-Electric Power Company, Limited, the stock having the right to participate up to a further 2 per cent. in each year, while the principal is repayable at 105 per cent. at the option of the holder on or after June 80th, 1951. The company is to develop a concession for supplying electric power over a large area in the State of Perak (F.M.S.) and interest in the venture is increased by the fact that financial support is being afforded the company both by the British Government and by the Federated Malay States.
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