HOME MONEY MARKET

Dominion, Volume 7, Issue 2165, 2 June 1914, Page 5

HOME MONEY MARKET

BRIGHT PICTURE BY A STATE PREMIER. (By l'eloeraph.—Press Association.) Auckland, Juno 1. Tho favourablo reception accorded by British investors to loan proposals from overseas Dominions impressed tho Premier of Queensland (tho Hon. F. Denham) during his stay in London, and some remarks, on tho subject were made by him when interviewed on tlie Niagara. Tho principal object of tho visit to London mado by Mr. Denham was to arrange for tho conversion of loan monevs maturing next year, and to scenro a loan for current public works. Various' loans raised by Queensland some 40 years ago will mature next year, tho total amount being £11,600,000. Satisfactory arrangements were made by the State Premier for conversion of this stock, and tho new loan of £2,000,000 was subscribed fourfold in an hour and a lialf. "Given a settlement of. the Ulster difficulty," said Mr. Denham, "the States will not liave, in my opinion, any difficulty at all in securing all tlio loan moneys required for public works. British invostors aro beginning to recognise that, in Australia, borrowed money is spent upon reproductive works and to realise that the investments offered by Australia, and' other British dependencies, though bearing lower rates of interest,. aro moro profitable than risky investments offered by such countries as Brazil or Mexico. Of course thcro is a limit to tho absorption of loans," added Mr. Denham, "but I think that Britain will supply our requirements, especially as a sinking fund is now usually attached to Australasian loan proposals."