CALLING A HALT.

Dominion, Volume 6, Issue 1766, 3 June 1913, Page 5

CALLING A HALT.

PUBLIC LOANS. UNDERWRITERS REQUIRE A RESPITE. SOUTH AUSTRALIA'S tOAN. By Tekerasl—Fresa Aaioclatlon—Copyright London, June 1. Tho "Financial Times" 6tntes: "There is a tacit agreement amongst leading underwriters to abstain from further business until the glut in new securities has been absorbed. Joint stock banks hare in ono or two casos been taking steps to stem tho tide of fresh borrowing by public authorities. If a respite is given the mhtural elasticity of the stock market will soon reassert itself." The "Daily Mail" savs: "There is scarcely an underwriting house in the city that has not had' to seriously consider tho question of declining fresh obligations. The market for short-term issues is almost equally congested, and relief cannot bo expected without slowing down in trade the widespread prosperity of which is tho xoot of the scarcity of money." MARKET HARD FOR COLONIAL BORROWING. Adelaide, June 2. The Premier of South Australia (Mr. Peake) has cabled from London stating that the money-market is very hard; for colonial borrowing. It has been disturbed 'by large foreign, loans at high interest, and it is impossible to float a loan on advantageous terms at present. South Australia is placing ,£500,000 worth of Treasury bills, with a one-year curifcucy, on the market, oa a basis of 41 per centum.