THE NEW GOVERNMENT LOAN.
Moreover, a further factor affecting British Funds has been the growing belief that the recent New Four per Cent. Govern- ment Loan has been well applied for. It may be recalled that the Loan was in connexion with Debt maturities during the present year amounting to round about 1260,000,000, and applications were invited for cash subscriptions and from holders of the maturing obligations who were given certain terms for converting. In the case of the cash subscribers the List was closed fully a day before the final date, and, rightly or not, the Market believes that cash and conversion applications together may have totalled not far short of 1200,000,000. However, it is unwise perhaps even to give market conjectures, when I suppose that before these notes are in the readers' hands the official announcement will have been made, as dealings in the New Bonds will have commenced on Thursday.
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