The first 2% per cent. munteipal issue to be raised in England for rome years was underwritten yester~ day. This is an issue of £5,000,000 Birmingham Corporation stock re. deemable in 1955-57. The issue price 96%.
'The proceeds' will be utilised up to £4,000,000 in repayment of existing mortgages, the balance being required for electricity and other developments, Indian Debenture Repayment Further advantage of the current 1ow rates for money is also being token by the Government of India, which have decided to repay next June the " £3,500,000 "East Indian Railway 4% per cent. debenture'stock 1995.59. Since January 1992 four Indian sterling loans, amounting to £48,000,000 and bearing 513 per cent. or 6 per cent. interest, have been Fepaid at their earliest redemption Gstes—Wireless Through Reuter
Text read from the printed page and cleaned; old type leaves the occasional error.