INTERNATIONAL FINANCE 



New capital 

 Issues. 



With such large stocks of gold in the borrowing countries and with the activity 

 of trade which the good credit has created, there is no nervousness concerning the 

 ability of the borrowing countries to meet their engagements, and the 

 investment of capital by the older in the younger countries is on a great 

 scale. Indeed, from one end of the world to the other, great works of 

 public utility are under construction with borrowed capital, and consumption has 

 reached a very high level per head of population. The amounts of capital publicly 

 raised in London, Paris, Berlin and New York in 1909-12 are shown in Table V. 



Table V. Public Issues of Capital, 1909-12. 



(a) From The Statist: (b) From the Moniteur des Interets Materiels: (c) From the 

 Frankfurter Zeitung: (d) Railroad & Industrial Corporations from the New York Journal 

 of Commerce, x Approximate. 



The aggregate sum, 1,056,000,000, of new capital raised by public issues in the 

 four leading money markets of the world in 1912, is by far the largest ever publicly 

 subscribed in one year, and indicates the feeling of confidence and the spirit of enter- 

 prise which animate investors everywhere. Indeed, at no time has capital shown 

 greater mobility. From all quarters of the world demands for capital have been 

 readily responded to by the capitalists of England, of France and of Germany. More- 

 over, although the American people have borrowed from Europe a good deal of capital 

 on the one hand, they have, on the other, invested considerable sums in Mexico and in 

 Central and South America. The greatness of the sums of capital supplied by Great 

 Britain alone in the last four years to various countries will be apparent from Table VI, 

 taken from the Statist. 



Table VI. Great Britain's Capital Subscriptions, 1909-12. 



