LONDON STOCK EXCHANGE

Waikato Times, Volume 103, Issue 17385, 23 April 1928, Page 6

LONDON STOCK EXCHANGE

LOANS FOR THE DOMINIONS. N.Z. AN EARLY BORROWER. (Australian Tress Assn. —united Service.) LONDON, April 21. The American demand for the British 4 per cent, funding loan has again been the. principal feature of the Stock Exchange. This the listing of the funding loan on the New York Exchange on April 12, which is regarded as a most important, step in ihc internationalisation of securities, and is likely to lead to developments which will tend toward closer relations between the New York and the London Stock Exchanges. The. immediate result, of this listing has been a considerable inquiry for all gilt-edged storks, notably the funding loan, which rose smartly, but relapsed later, on profit-taking by British investors. The stock was 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 certainly the time seems to be favourable. The first to arrive is the Western Australian loan, of £3,000,000 at 5 per cent,, at 98, which has been well received. Another possible early borrower is New Zealand, 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 tiiat repayment will be dealt with piecemeal, and that an early commencement will be made. In any New Zealand’s annual issue of a new money loan is expected next month.