THE LONDON-MONEY MARKET.

West Coast Times, 21 June 1912, Page 3

THE LONDON-MONEY MARKET.

YEAH I'OR UNDERWRITERS. PKli PRESS ASSOCIATION. —COVVUIGHT.j LONDON, June 19. Toe Daily Telegraph says that 1911 «Ms a splendid time for the underwriters, each new issue being greedily swallowed up. The past tliroc mouths, however, had given an almost unprecedented list of addled issues. Of the eight issues, including New Zealand’s l::si lean, in all aggregating £21,755,0(0, the underwriters received 75 per cent and all are now at a discount. It is evident, the paper says, that the market needs a rest. Fortunately the burden is well distributed for it is likely that the underwriters in the autumn will have to pay higher interest upon the loans whereby they carry stocks, than the stocks earn. The danger cf excessive underwriting may assert itself then.

SLUMP IN CONSOLS. LONDON, Juno 20. New Zealand Consols are 70. The weakness is due to the selling to meet calls on Now Zealand script.