In their report dated August T leading firm of London stock brokers writes—
In the past month, there has been a fair volume of new issues, some of which went well with the public, and others badly. On the whole, however, the bloom has of late gone off the underwriting business. In Government, and gilt-edged securities generally, the break in prices, which took place on the advance in the Bank rate to 4 per cent. was followed ty a gradual recovery. The new Indian 43 per cent. loan fell from about 3 premium _to about 2 dis-, count, but afterwards recovered to about 1 discount. In Foreign government securities, French' Rentes showed a slight gain on the month. Argentine and Brazilian stocks lost ground slightly, both being affected by uncertainties in' regard to their respective exchanges. Mexican loans were likewise easier. Chinese loans were weak; even those with revenue from the Customs hypothecated for their debt service gave way sharply. The present chaos in China, resulting from the helplessness of the Central government to' raise revenue, to put
Text read from the printed page and cleaned; old type leaves the occasional error.