COLONIAL LOANS

Ashburton Guardian, Volume VII, Issue 1947, 18 September 1888, Page 2

COLONIAL LOANS

[VKB. PRESS ASBOOIAWOK.,) . Wbuhtotok, September 17. Mf Westgacth, head of a London financial firm, at present making a tour of the colony left for the Sooth this afternoon. He bad along interview to-day with tbo Premier. One c £ the objeota of Mr Weatgarth's visit la to make proposals to the Colonial Governments for the. placing of their loans on a more satisfactory basis than at present exists, and he haa submitted written proposal! on the subject to the Treasurer of each oolony as he haa gone along. - Hi* main Idea is one for the general consolidation of the loans of all the colonies m 3 per cent stooks, on the> joint and several responsibility of the different governments, Instead of the varying rates on debentures now It sued, bat In default of suoh a complete arrangement, as this he suggests that 3 per cent loan*, eaoh Oolony remaining answerable foe only He of n debt, The adoption of th« latter Idea would he thinks tend to make, the publio at Home feel that QOttxplete. union ia not fat iff.. Another advantage, would be that the conversion J t our oufcatandtng debt to 3 per oent would bring an enormous profit if gone abont m tho . most favorable way. Mr Weatgavth haa also made a separate proposal to Sir H. Atkinion that this colony should follow the example of Queensland In. not allowing any municipal or harbor loans to bo raised direotly upon the market, but that it should make those bodies negotiate auoh matters with the Government atone* Tbo effeofc of that would, be consldets, be wonderfully advantageous to the credit of the colony and reduce the ooat of tha loans, Wbllxngtoh, September 18. Mr Weatgarth has formally written to the Government conoornlng his proposal for joint colonial three per cent loans and the matter will be considered by the Cabinet.