COMMONWEALTH LOAN.

Press, Volume LXVI, Issue 20090, 20 November 1930, Page 11

COMMONWEALTH LOAN.

PUBLIC SUPPORT URGED. I j VINDICATING NATION'S HONOUR I'JNITEa PKKSB ASSOCIATION —Bi ELECTRIC TELEQHA^H —CO LTRIGHT.) MELBOURNE, November 19. At the conclusion of the bankers' conference Sir Robert Gibson said the conference was unanimous that tlie best way for the people of Australia to vindicate the honour of the nation was to make the £28,000,000 loan a huge success. Failure to achieve succeabiully the conversion of the loan would necessarily bring about national ueiault, ami would inevitably play into tlie hands of those whose desire was to bring übout the destruction ot tho whole linanciaj fabric oi ..'-i tou n try. "too far as the banks are con- ] cerned," he said, "they will do all that can be done, compatible with sound finance and the general interest." EFFECT OF INFLATION. INSURANCE COMPANY'S WARNING. SYDNEY, November 19. The disastrous effects of note inflation on thrift, represented by the life insurance companies, are stressed by the directors of the Australian Provincial Assurance Association, in their annual report, which states that if the federal Labour cjvucub attains its objective of note inflation it is almost impossible to visualise the posit-va of life insurance companies, who hold the greater percentage of their funds -n Commonwealth stock. CABLES AND WIRELESS AGREEMENT. AUSTRALIA'S POSITION. j LONDON, November 18. j Mr J. H. Scullin and Mr F. Brennan (Australia) discussed the cables and wireless agreement witji Mr C L. Baillieu (who represented Australia at the Imperial Wireless and Cabl-d Conference in 19&J) and others, ihey will decide definitely before sailing, but it, is expected that the Commonwealth will approve of the agreement authorising the sale of cable properties in Australia to Amalgamated Wireless, in view of the difficult position arising if she refuses. There is n suggestion that Imperial Communications might, in the near future.' fix lower deferred wireless . rates, though not so low as a penny a word, as suggested bv the Empire Press Union. FARMERS' HUGE DEBTS. SUM OF £6,000,000 OWING TO STOREKEEPERS. SYDNEY, November 19. A deputation representing 300 country storekeepers informed the Stat<> Minister for Agriculture, Mr \V. F. Dunn, that the debts against farmers on the boo Its of country storekeepers amounted to £6,000.000. The amount was arrived at by calculating the exact total owed to 89 and striking an average for the remainder. One speaker said the storekeepers carried the farmers' debts until they themselves were in a parlous position wnd unable to continue to give farmers said tow prices had created a crisis of appalling magnitude. tid waf, appalled by the outlook for the storekeepers, who could not expect even half the amount due to them. A third said if assistance was not given the farmers would scon be on the land, and tho storekeepers with them. '