BORROWING IN AUSTRALIA

Dominion, Volume 2, Issue 425, 6 February 1909, Page 5

BORROWING IN AUSTRALIA

fe ; Th(E COMPLAINT AGAINST NEW:? ;; OTATEttENT jf c^A. .cable;message'- rec'eiv.ed fr.oin Sydney on; .Thursday-reported some ; remarks % Mr. ■Waddell,.;th« ;New; go'uthiWales:TfeasurbrV bn■recent borrpwinga. by : Newf-Zeajand-3n'■• Aus-' ; tralia.;.;The.. message;read;as ifpllows:^:-. , ■■:■. ■.AJ'The'Hon , '-T. ■ Waddell.v Statej-TreasurerV : m a : speech:at Grafton, , complained: that|J(ew Zealand Jahcl other < States; were --exploiting 1 : tho: market : : by ; selUng.^--theiretocks. up tol , : per' oeritj .-.The Government |had' not 'increased the rate of interest paid oh; stock iasiied by: the ■Treasury,/realising, tbtf -vital jimpor.tarice ,co traders and others-of keeping'the; interest rates "10w..,,:1f neighbouring' Qjoverhments continued to exploit' themarket by : outbidding ■in'-vratea of intofest.'.Neiv South 'may' beforced;in.self-defence," .said.'Mr.vWaddelL ."to raise , her rates.";, J: ;j: ; : ;,: >.'} : :.; v.,. .. : In respouse r'equest-'for someobserva-, tions .upon Mr..-Waddoll's complaint and; his threat of 'retaliation; Sir. Joseph -Ward- has .sent.'the following telegram to:the editor of :The Dominion•— ■ v . ; -.;■ ■ ':- : '; •■;; ;.; :< j ?.-.v.' ■• f: ■ ; ;.j ; ■■.'■•'lh^.r^ply■.to■'•yoCT•■ : wire : ■^ : have' ! ■Treasurer Waddoll's c6mplaint : to'which you' refer. ,-Hβ.has,:hot-:communicated ;with ; me, ;fore rat-av Jrepiying; -' As': no loans , -?are'-being floated- ; m^ Australia', r :' 1/presume;it mustirefer to ordinary investments' being made in New Zealand stock from,.time totimeby, New South ;Wales"citizens, ; "whioh',-. of pourso, they have a perfect right,to do if there is any 'investment- < available and they - so. , desire.;.' , l 'inay add. that v.no" investments ,have ; .be,en solicited byi.. the New'■?VZealand Government!in any. : part..of- Australia.— : :- ; ; " -'^-v-.p;.;-.>:.■.-'■ '"Mr. Waddell's'coinplaints,refer, not : to the fact that New South Wales [ citizens buy Now Zealand stock from , time, to-'time; but-t'otbo-'fact/ reoeritly.reported by the "Sydney.Morning Herald,", that,the New Zealand Govern-! ment the pother day placed £250,000; worth of 4; per cent, bonds in. Sydney and Melbourne, "at a price that has not -been disclosed.";- , ; ; ■ .. jj. ;■./.;: :';-';■;■".'..■- : -, -.-..;.- :';; ...';; ;.-;- "-„'';-..; : - -;,.