3
72
Financial Operations.
The vitality of the British financial market is exemplified
the accounts just published by a leading London issuing house
The issued capital of this concern is over
and finance company.
£2 millions, and its final dividend (declared for the fifteen
months ended the 30th of June last) is equivalent to 25 per cent
per annum, which is the same rate as that paid by the firm for the
preceding twelve months. Though the London issue market could not
but be adversely affected by international conditions, the firm in
question is able to report having raised over £16 million by public
issues and 33 millions by private transactions during the fifteen
months to the end of June.
The amount of British money available for investment is
further indicated by the fact that, according to the latest official
figures, buildings costing over £71⁄2 millions were authorized in
llay this year, compared with 7 millions in May, 1938. On the
other hand, the steady flow of money among the general public may
be gathered from the fact that daily postal receipts in Great
Britain were no less than £149,704 in June. This is an increase of
3.3 per cent over June last year. An interesting extension of
public financing is the recent decision to increase the sun
available for the grant of Export Credits from £10 millions to
£60 millions. In explaining the scope of this extension the
Secretary of the Department of Overseas Trade declared that "it
would enable certain countries to obtain, on credit, supplies which
British industry could provide and which, owing to a shortage of
exchange, those countries were unable to pay for on a cash basis."