THE MONEY MARKET.

Hawera & Normanby Star, Volume LXVIII, Issue LXVIII, 20 June 1912, Page 5

THE MONEY MARKET.

EXCESSIVE UNDERWRITING. BY CABLE—PRESS ASSOCIATION—COPYEIGHT. LONDON, June 19. The Daily Telegraph says that 1911 has been a splendid time for the underwriters. Each new issue has been greedily swallowed. The past three months, however, has given an almost unprecedented list of addled issues. Of •eight issues, including that of New •Zealand, aggregating £21,755,000, the underwriters received 75 per cent. All ■are now at a discount. It is evident ■that the market needs a rest. Fortunately, the burden is well distributed. It is likely that the writers in the ••autumn will have to pay higher interest upon loans whereon they carry ■stocks than the stocks earn. The •danger of excessive underwriting may assert itself.