INVESTMENTS FIRM.
In zontrast, however, to the depression in nearlyall Industrial and Speculative descriptions has been the firmness of gilt- edged securities and the great success attending new 1.0811 flotations of the gilt-edged type. In the case, for example. of the flotation of an Ayr County Council Loan for £1,250,000 in 5 per cents. at 101, applications are said to have amounted to about £35,000,000 and allotment had to be arranged by a process of balloting. Again, in the case of the offer of about £4,000,000 in 5 per cent. Debenture Stock of London Electric • (Continued on page . . Financial Notes
7ontinued from pare 582)
Railway and Central London Railway at the price of 991 applications were so extensive that the lists had to be closed almost immediately after the opening and all the very small applicants had to be ruled out of the allotments, which were finally arranged on the basis of about 4 per cent. of the amount applied for. I anticipate that as a result of these remarkable successes we are likely to see further capital flotations of the investment character in the immediate future. Indeed, at the moment of writing comes the news of an Indian Loan.
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