FINANCIAL NOTES.

Unless there should be some untoward developments in connexion with European affairs, there seems to be every likelihood of fresh issues of capital during the current month being on a large scale. It is, indeed, almost surprising that more prompt advantage has not been taken of the abundance of credits following the turn of the year to bring out some of the issues which are known to be impending. In a subsequent paragraph reference is made to the moderate revival of activity in Oil shares, and among the issues expected shortly is the offer to existing shareholders, and also it is believed to the public, of 850,000 £1 Ordinary shares of the Anglo- Persian Oil Company at the price of about 3f. The Dunlop Rubber Debenture issue for about 1 millions is also expected shortly, and one or two interesting Foreign Railway issues are impending. As the extended powers were obtained recently by the Government in the matter of State guaranteed loans connected with industrial activities designed to relieve unemployment, it seems surprising that, in view of the large numbers of unem- ployed, further issues should not have been made ere this. It is felt that if the case for these State guarantees is a good one, there should certainly be as little delay as possible in making the issues of capital, for the urgency of the need is the only justification for State intervention.

When the announcement was made that Sir Basil P. Blackett was leaving the Treasury to take up his appoint- ment as a Member of the Executive Council of the Governor-General of India, keen interest was felt as to who would be appointed his successor, for the position, at all times one of importance, is peculiarly so at the present time when the Treasury is concerned with some- thing more than the mere routine connected with income and expenditure. The announcement that Mr. 0. E. Niemeyer, formerly Deputy-Controller, has been appointed, has given general satisfaction in the City, where the valuable services rendered by Mr. Niemeyer during and since the War period are well known. Mr. Niemeyer is a comparatively young man, but he has seen active service in the Civil Service departments, and following his appointment in 1919 as Assistant Secretary at the Treasury he was in charge until 1921 of the Finance and Budget Division. He has served on several Committees, including the National Savings Committee of 1919-21.

* * * There are few losses during the past year which have moved the City more than the untimely death, which occurred last week, of Mr. Windham Baring, the second son of the late Lord Cromer and brother of the present Earl. Although a comparatively young man with some few years of his business activities shortened by reason of the part he played in the late War, Mr. Windham Baring had given abundant evidence of his exceptional abilities, and the very representative gather- ing which attended the memorial service at St. Peter's, Cornhill, on Monday attested to the esteem and regard with which he was held in banking and Money Market circles.

* * * * No small amount of interest has been taken by the Money Market during the past week in the announcement which was made on Monday of the amalgamation of the well-known firm of Messrs. Konig Brothers with the old- established firm of Messrs. Frederick Huth and Company. The business of the firms will now be carried on under the name of Frederick Huth and Company at 12 Token- house Yard. Messrs: Huth began operations as far back as 1809. The announcement of the new combination has been well received in the City.

* * * * In addition to the banking fusion just referred to, the end of the year saw some other interesting partner- ship announcements. Among them may be mentioned the inclusion of Mr. Charles Tasker Paice, formerly Deputy Chief Cashier at the Bank of England, in the discount broking firm of Messrs. Jones and Brown. The City was also particularlypleased to learn that Brigadier-General Arthur Maxwell, C.M.G., D.S.O., and Mr. Eric Gore Browne, D.S.O., who have been well known in the City in their respective positions of General Manager and Secretary of Messrs. Glyn, Mills, Currie and Co., had been appointed Managing Partners of the bank.

Although the market for oil shares was practically the dullest section of the Stock Exchange last year, there are not wanting signs of a revival of speculative activity in that department, some of the leading descrip- tions having rallied during the closing days of the year. The following table of a few leading shares giving the highest points touched during 1921 and 1922, and the price current at the time of writing, will show how con- siderable has been the fall :-

Highest.

1921.

Highest. 1922.

Present.

.t

Burmah Oil ..

• •

04

Mexican Eagle

87t

.. 4}

• a

11r

Royal Dutch

58

44} • • 84 Shell Transport • . 04

4}

Some interest has been taken during the past week in the reported fresh oil discoveries in the Venezuelan field, while at the recent meeting of shareholders of the Phoenix Oil and Transport Company resolutions were passed increasing the capital of the company and ratifying the agreement for merging the concern with the Roumanian