STOCK EXCHANGE

Wanganui Chronicle, Volume LXXXIII, Issue 20128, 23 April 1928, Page 7

STOCK EXCHANGE

A FINANCIAL REVIEW DEMAND FOR FUNDING LOAN Received April 22, 10.15 p.m. [(A. & N.Z.) LONDON, April 21. The commercial summary of the American demand for the four per cent funding loan has again been the principal feature of the Stock Exchange. This follows the listing of the funding loan in New York, which is regarded as the most important stop in the internationalisation of securities, and likely to lead to developments which will tend towards closer relations between the Now York and London Stock Exchanges. The immediate result of this listing has been a considerable inquiry for all gilt-edged stocks, notably the funding loan, which rose smartly but relapsed later on profit-taking by British investors, stocking being readily absorbed on New York account. The marked strength of gilt-edged stocks has given rise to many reports of forthcoming capital flotations of an investment character in the near future, and ccrtaiinly the time seems favourable. Tho first to arrive is a West Australian loan which has been well received. Another possible early borrower is NovZealand, which has nearly £30,000,000 falling due for repayment in November 1929. It seems rather early to talk about this conversion, but some financial writers anticipate that, the repayment will be dealt with piecemeal, and that an early commencement will be made. In any case New Zealand’s annual issue new-money loan is expected next month.