LONDON FINANCE.

Hokitika Guardian, 1 May 1924, Page 1

LONDON FINANCE.

COLONIAL STOCKS KIKM.. LONDON, April 20. Tim Stock Kxehange resumed work alter tile Luster holidays in a cheerful mind, and though the volume ol business transacted lies been only moderate, the undertone remains linn. The near approach of the first Labour Itudget lias had a restraining influence on speculative markets, especially those likely to he elfected by any interlereneu with the McKenna duties; hut the steadiness of the dollar and franc exchanges had a good effect on tile gilt-edgeds, which have maintained their recent rise, notably colonials. Tho phenomenal success of the Queensland loan lias caused much favourable comment, as it. is regarded as evidence of an enormous amount ol money available for investment in trustee stocks; hid the huge amount subscribed may be misleading to those who are unacquainted with Stock Krchnnge methods. It was apparent from the time the prospectus appeared thaL the loan would probably be covered, and couscquentlv brokers made sure 01 getting aliofments by applying for con.-idor-ably larger quantities than they actually wanted. It is also suggested that some heavv applications were put in as a recognition of Mr Theodore's ended in conciliating the pastoral companies, and to show him what London financiers can dowlien their wishes an* nit*t.

Another illustration of the plentiful nos.;' of money i- allordod hv the rapid subscription ol the City ol Sidney .Cl .11011.011!) loan. This was applied for six times over, and subscribers only receive lo per cent, ol their applications. A KIUK. TM'NLIMN. April 27 A good deal of damage was caused by a (ire at seven o'clock this morning ill Hu'S end Lieu:lining’s new hat and mantle factory, Stafford street. The top floor was badly damaged h\ smoke and water, though the salvage sheets kepi most'of the water t.d. Six engines and 02 men were present, and even so they were not overmanned. The save was a remarkably good one. for when the alarm was given the flames had gained a firm hold. The damage is not known. The building was insured in the Atlas Olbee, but the amount is not available at piesent.