523
that there is always an element of uncertainty in all Loan issues and that the system of fixed price Loans is no more infallible than any other system. We have no doubt that in both the cases to which we have referred the issuers of the Loans acted on the best advice which they were able to command. The fact however remains that in one case the issue was made at a price which has been shown to be about 2% below its real value whereas in the other case the issue price was fixed so high as to bring about an absolute failure.
... I need hardly say that the newspapers have not pointed the moral of these transactions in those particular cases.
02300.
-3-
I have the honour to be,
Sir,
Your Obedient Servant
E.E. Blake