FINANCE & COMMERCE.

Waimate Daily Advertiser, Volume XXIV, 11 April 1927, Page 2

FINANCE & COMMERCE.

MONEY MARKET. (Per Press Association—Copyright LONDON, April 9. “I rub my eyes and wonder whether I am reading the propsectus of a new company, for it is alien to a document relating to a Government loan, to have anything in the nature of a recommendation to investors.” Thus the “Sunday Express” commercial editor comments on the special information relating to the sinking funds of the National Debt Commission being included in the prospectus of the new Commonwealth loan. “Some statements almost seem undignified, but having previously criticised the Commonwealth’s attitude towards investors, I do not protest against the present attempt to reassure investors. On the contrary their efforts to meet investors’ demands deserve unqualified success.” LONDON, April 8. The Commonwealth Loan prospectus invites holders of 5J per cent, stock maturing on June Ito convert into an equal amount of 5 per cent. 194575, and receiving a cash payment of £2 per cent. It also invites cash applications of which the final instalment of 93 per cent, will be payable on June 1. one month’s interest to be payable on July 1.

NEW YORK, April 9. Extraordinarily wide financing in the local market continues. New bond offerings during the week ending to-day totalled 192,870,000 dollars, which is allocated! as under: — Loans: Dollars.-' Farm Bank 100,000,000 Foreign 48,819,000 State and Municipal . . 18,976,000 Public Utilities . . . . 16,950,000 Industrial 6,250,000 Railways The plenitude of capital moreover is emphasised on every hand, and the next week’s financing promises to be very large, so that the keenest competition is certain to be maintained.

A 30,000,000 dollars City of Milan (Italy) issue is being bid for by twenty banking houses. The rates for foreign loans con-' tinue high. Czecho-Slovakia is paying in excess of 7 per cent., for 20;000,000 dollars loan recently.