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In all sections of the world the chief interest of American investors was in Government bonds or bonds of corporations controlled or guaranteed by Governments. The value of private corporation securities bought was less than in 1923 in the case of Europe, Canada, and Latin America, but increased from zero to over $12,000,000 in the case of Asia. The total of foreign capital issues considerably exceeded the corresponding figure of overseas issues in Great Britain, as in the four years 1919–1922, but the total of non-Governmentguaranteed issues was less than in Great Britain. The British figures, converted at the average rate of exchange, were $599,000,000 for total overseas issues and $129,000,000 for commercial and industrial issues.

As refunding issues are not included in the statement of new capital flotations, it is not necessary to deduct the amount of the old maturities refunded. There were payments made from sinking funds and prescribed drawings that amounted to about $45,000,000, besides certain purchases for the borrower's account. These optional purchases are largely included in the figure of sales of securities to foreigners by reporting banks. The item of $45,000,000, however, is an additional credit in the international balance.

In addition to these new issues, American investors bought outstanding securities, both foreign and American, from abroad. Reports from 68 banks show that the amount so bought was $114,000,000—more than in 1923 but less than one-third as much as in 1922. On the other hand, foreigners purchased in this market securities, both American and foreign, to the value of $319,000,000, which is somewhat less than in 1923. This includes some purchases for sinking funds. Loans paid at maturity, without refunding, would increase the total by about $45,000,000, making it $364,000,000. Consequently, the net outflow of investment funds, or, to put it differently, the import of securities, was about $545,000,000, while in 1923 there was a small net inflow. How much these figures would be increased or decreased if investments other than bonds or formal securities were included can only be surmised.

The amount paid on the principal of the debts of foreign Governments to the United States Government was $23,000,000. Adding this to the other items of capital movement, the excess of debits comes to $522,000,000. In 1923 the balance of capital items was on the credit side, amounting to $75,000,000, if payments on the allied debt are included. In other words, this country in 1924 was an investor on a large scale, whereas in 1923 it was satisfied with main taining its foreign investments at their existing level.

The accompanying table has been worked out with the assistance of several well-known banking houses and financial news agencies. Aside from the Canadian issues, which are largely a matter of opinion, the list is believed to be very nearly accurate. The Philippine Islands are treated as a foreign country because they are so. regarded in our trade statistics.

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FOREIGN CAPITAL FLOTATIONS PUBLICLY OFFERED IN THE UNITED STATES DURING 1924 1

(Footnotes at end of table]

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33 years

6. 28 96% 1007. Do

20,000,000 16,000,000 6.5 6 months

5.5

100

Aug., 1924.
Do

10,000,000 5.25 1 year

100% June, 1925. 100 Do.

5,000,000 6 months.

100 1026, Do.

6 34 years...

6.35 95 1968. Do.

20,000,000 20,000,000 5 6 months.

3.875

Fob., 1925.
City of Buenos Aires.

6.5
31% years.

6.75 964 1965.
Province of Buenos Aires.

2,000,000
5.5 6 months.

Apr., 1925.
Republic of Bolivis.

8
23 years

1947.
Do.

8 | 23 years

8.7

93 1947.
City of Bogota (Colombia)

8
21 years

8.2 98 1945. Municipality of Medellin (Colombia).

25 years.

8. 19 98

1948. Dominican Republic

5.5 2 years

5.5 100 Sept., 1926 Government of Mexico. Republic of Peru.

8 20 years.

8.05

9942 1944.
Total nominal..

1 year

4

100

1925. Canadian National Railways.

4 3 years

987 July, 1927. Do...

4.5 1 to 14 years.

4. 75

1925-1939.
Do...

4.5
30 years

4. 75

96 1954.
Province of Alberta..

2,500,000
5

5.4

953 1939. City of Calgary, Alberta.

5.5 30 years.

5, 4

1954. Do...

5.5 20 years

5. 95 92 IN 1944. Province of British Columbia.

25 years

5. 23

96% 1949.
Do.

3,000,000
4.5 3 years

4.6 998 1927. Do.

25 years

5. 05 99% 1949. Do

2,000,000 2,000,000 5 15 years.

5

100 1939. City of Prince Rupert, British Columbia.

6 2 to 5 years.

6

100

1926-1929. City of Burnaby, British Columbia

250,000 80,000 5.5

5 years.

5.7

99

1929. City of Victoria

5
20 years

93
Province of Manitoba.

2,600,000 2, 600,000 5

5. 12 98% | 1944. Greater Winnipeg water district.

5 years.

5. 35 98| 1929. Do.

1,040, 000 1,040,000 5

20 years.

5. 1

98% | 1944. City of Winnipeg

6 2,000,000 5

4. 83

100,4 1944. Province of New Brunswick.

5 10 years

5. 12

1934.
Do.

10 years

4.85 101% 1934.
1 This list is supplementary to one published in Commerce Reports of Jan. 26, 1925. Some errors have been corrected and some additions have been made.

? Refunding in this table indicates that part of the proceeds of the loan will be used for repayment of issues maturing in the United States. The refunding of internal obliga-
tions is not taken into consideration.

• This loan was used in part to refund a credit by a number of American banks. It is considered as new capital because the original credit has been omitted from this list.
• Terms unknown. Represents the portion of the Hungarian international loan which was originally allotted for sale in Hungary, but was later offered in this country.

5 A $50,000,000 Mexican Government loan was offered by a Texas banker, October, 1924. The Government has officially announced that the loan contract with this banker has been canceled because he failed to secure the amounts called for within the time limit.

• Partly sold in Canada. It is added to the total in order to partly offset old domestic issues that were sold in the United States in 1924 (such as two City of Toronto loans).

Latin America: Government of the Argentine..

40,000,000 40,000,000

30,000,000

8, 490,000

2,000,000

13,000,000

6,000,000

3,000,000 2,500,000 8

2,500,000

7,000,000

158, 990,000 Refunding...

77,500,000 Nominal new capital.

81, 490,000 Canada and Newfoundland: Dominion of Canada

90,000,000 90,000,000 4

20,000,000

9, 375, 000

26,000,000

697,000

1,050,000

2,000,000 1,000,000 5

3,000,000

155, 000

665, 000

62,060, 000 2,060,000 5

800,000

1, 161, 000

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[subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][ocr errors][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][graphic][subsumed]

6.8

96141929. 99 1929.

1939.

1929-1934.
99 1949.
(18)

9942 1954.
98% 1929.
99 1944.
99
95 1954.

6.08
(13)

6.4
5.8
6. 57

39, 760,000
25, 760,000
14,000,000

Total nominal.
Refunding

Nominal new capital.
Latin America:

Andes Copper Co. (Chile), amount paid up.
Antilla Sugar Co. (Ouba).
Cespedes Sugar Co. (Cuba)
Cuban Dominican Sugar Co.
Sugar Estates of Oriente (Inc.).
Ferrer Sugar Co. of Cuba.
Cuban Northern Railways..

Do.
International Railways of Central America-Guatemala.

Do..
Venezuelan Petroleum Corporation.

18 years
15 years.
15 years
20 years

10,000.000

7
7.5
7.5
7.5
8
7.5
6
6.5
5
5

10,000,000
6,000,000
3,000,000
15,000,000
2,000,000
1,500,000
4,500,000
1,680,000
1,000,000
2,500,000
1, 202, 500
48, 382, 500
10,000,000
38, 382,500

7
7.65
7.8
7.75
8.5
7.5
6.75
6.27
7.15
6. 63

(10)

15 years

100 1943.

98 1939.
99

1939.
972 1944.
93%
99% 1939.
8922 1966.

1925-1932.
71 1972.
76 1972.
(11)

1 to 8 years.
48 years
48 years

Total nominal.
Refunding..

Nominal new capital.

8,000,000

5 years

5 to 10 years.
25 years

Canada:

Montreal Tramways & Power (Ltd.).
Asbestos Mines (Ltd.).
Wood & English (Ltd.), British Columbia
St. Regis Paper Co. of Canada.
Duke Price Power Co.
Canadian Pacific Railway.
Winnipeg Electric Railway.
St. Maurice Paper Co.
Cosmos Imperial Mills.
King Edward Hotel Co.
Montreal Tramways Co.

Total nominal.
Refunding.
Nominal new capital.

68,000,000
1,000,000
1,000,000
1,500,000
12,000,000
10,000,000
66,000,000

2, 600,000
61,000,000

1,000,000
3,266,000
46, 286,000
11, 250,000
35,016,000

6
7
7
6.5
6
4
6
5.5
6.5
7
5

3, 250,000

Forwarna

6 to 6.6

30 years
5 years
20 years

30 years.

5. 46

& Partly sold in Canada. It is added to the total in order to partly offset old domestic issues that were sold in the United States in 1924 (such as two City of Toronto loans). 7 Represents estimated amount of $20,000,000 issue sold in the United States. * Estimated by the Japanese Financial Commission, New York. • Represents portion of $150,000,000 loan sold in the United States; remainder, or $25,000,000, was disposed of in the Netherlands. 10 Preferred stock. 11 370,000 shares of capital stock at $3.25. 12 Debenture stock at 81 to yield $4.94.

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