DEAR MONEY.

Gisborne Times, Volume IX, Issue 846, 21 March 1903, Page 3

DEAR MONEY.

By Telegraph—Press Association—Copyrighi London, March 19.

Following the placing of Treasury Bills, New South Wales three and a-half per cents, were quoted at 98, and threes at 88.

Sydney, Maroh 20. The Herald says the incident in connection with the notation of the Treasury Bills all point to the disfavor with which they were received in London. The result is unfavorable in view of tho smallness of the amount, and still more unsatisfactory because of the uneasiness it must awaken as to what may bo expected when application is made for the two millions four hundred thousand authorised loan remaining. The Daily Telegraph, referring to Sir John See’s declaration that the placing of the Troasury Bills is a roply to tho calamity prophets, says borrowing money on such ruinous terms is itself a sort of calamity, and has to be deplored. If the credit of the State is in any danger it is surely from tho UDcanny jubilation over the raising of money on the London market at such a price. Tho same people lend to Canada at a little over half the rate paid, but as long as the state of New South Wales finances remains as it is, a loan would not be taken up at any price even tho present Government, with all its recklessness, would dare to offer. The position is one of humiliation for the State, which every fresh issue of bills tonds to aggravate.