WORLD OF FINANCE.

Waimate Daily Advertiser, Volume XXIV, 8 May 1928, Page 2

WORLD OF FINANCE.

LONDON STOCK EXCHANGE. (Per Press Association —Copyright) LONDON, .May 5. The Stock Exchange is in a distinctly cheerful mood, the industrial market continuing to overshadow others in activity British gilt-edgeds, though prices are well maintained, have been somewhat dull, chiefly owing to attention being diverted to colonial scrips, which give a better yield. The New Zealand Issue. The great success of New Zealand’s issue has given a decided impetus to the demand for other colonials, and all recent issues* have appreciated in value, notably the last Commonwealth Loan, which is now quoted at £1 2s 6d i premium, West Australia 3s 9d premium, and Fiji £1 17s 6d premium. Under these- circumstances it is not I surprising to hear that further colonial -loans are expected shortly. Among the reported prospective borrowers is New South Wales, though nothing is yet known regarding the amount or price. Judging from the success of New Zealand’s reversion to 4) per cent., the market would not be surprised to sec New South Wales follow the Nev.Zealand example. New South Wales’ last 4) per cent. Loan was issued at £94 in April 1923. The result of New Zealand’s issue surprised and confounded some cautious critics, who . lately were' preaching about colonial over-borrow-ing. It is therefore interesting to note that one well-informed financial journal suggests that New Zealand could have obtained the whole £29,000,000 required fo>- conversion operation with ease if she had wanted it.