Excerpt from Foreign Stock Exchange Practice and Company Laws of All the Chief Countries of the World: Methods of Selling British Securities Abroad, Foreign Laws Affecting British Works and Branches Established Abroad
The author's apology for issuing this book is that no English work has previously explained the practice of Foreign Stock Exchanges, although a knowledge of such details is essential to British stockbrokers, and to everyone connected with Stock Exchange work and Banking, owing to London being the clearing-house for the stock and share dealings of the world.
The present volume explains the practice of all the most important foreign Bourses.
Foreign Stock Exchange terms have been freely quoted and full explanations given, so as to help those readers who are not well versed in foreign languages.
Placing British Securities Abroad.
France, Belgium, Switzerland and Holland are amongst our best customers for goods. They are also able to buy from us very considerable quantities of British securities, and certainly much larger amounts than they have hitherto bought. In those countries purchases of shares and debentures are regularly made by all classes, and thrift is more generally practised than in England, with the result that their populations are the richest in the world.
As there is insufficient outlet for Capital, and only a very small return to be obtained from home investments, they are compelled to invest a large proportion of their savings abroad, by purchasing foreign securities. The huge annual profit from the interest is continually being re-invested.
British securities are greatly favoured, on account of their high yield, and also because of our reputation for efficient management of companies.
The shares and debentures of the best British companies have not generally been introduced on foreign Bourses, probably because there were no means of readily estimating the cost: further, no English book has previously explained the legal and fiscal formalities to be observed for foreign issues of British securities, nor the Foreign Stock Exchange regulations to be complied with for obtaining official Bourse quotations.
An advantage of having foreign shareholders is that they steady the market in the securities they buy; they also raise quotations, because they are satisfied with smaller dividends or interest than English investors, provided that good reserves of profits are made.
The securities to be placed should be sound and offered in the proper way, and at the right time; then the cost is small in comparison with the results obtained.
Good shares are usually issued at a premium on the Continent.
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