Foreign Credit Facilities in the United Kingdom: A Sketch of Post-War Development and Present Status

By Leland Rex Robinson | Go to book overview

CHAPTER IX INVESTMENT TRUSTS AND THE EXPORT OF CAPITAL
INVESTMENT trusts encourage the sale of foreign securities in the following ways:
I. By investing their own funds in securities which they intend to keep;
II. By sale of securities when markets are buoyant, and the continual turnover of a portion of their capital in the process of redistributing investments;
III. By acquainting their own shareholders with the merits of particular issues which the latter may wish to purchase privately;
IV. By directing public attention to the investment opportunities of certain areas, and instilling confidence by their own pioneer purchases; and
V. By participating in underwriting syndicates.

I. DIRECT INVESTMENT

The balance-sheet of any investment trust will show practically all of its outstanding capital of every kind invested in securities of long maturity. Because its liabilities are not current, like those of a commercial bank, it does not keep "cash at bankers" or loans on call to anything other than a negligible extent. The following description of investment methods employed by trusts in the United Kingdom is based upon an analysis recently made of the Articles of Association and reports of the seventy-five companies referred to as investment trusts in Section A of Appendix IV.

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