• Financial N otes NEW ISSUE REseurs.
lkiirnouon the Commonwealth Loan was only Subscribed to the 'extent of 16 per cent: by the public, underwriters having to take-up 84 'per cent., while the Wakefield Loan was not fully covered, undeniriterS haying' to take per cent.,these result* seemtohave been due to the rather high prices
at which the loans were offered, rather than to any congestion of the'inew issue market. For on the day that the allotments were out in these cases, gilt-edged securities enjoyed quite a jump, which has drawn attention to the option which is open to holders of the 5 per cent. Treasury Bonds to convert into 4 per cent. Consols.
In other markets the feature has been the continued demand for Mond -Nickels, now dealt in as International Nickel of Ciinadii, its far as the " assented " share'S are concerned, these having reached a new high record level. Both Montreal and Wall Street have continued to force prices higher in their security markets, Montreal favouring Nickels, and Electric power and traction securities, while Wall Street has been booming Steels and general industrials on hopes of fresh records in industrial activity. The gamble in Rhodesian Coppers also is said to be based upon the idea that American interests may buy for control of this great potential production.
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