BORROWING MIRE.

Gisborne Times, Volume X, Issue 951, 25 July 1903, Page 3

BORROWING MIRE.

A TIGHTENED MARKET, QUEENSLAND GETS A SHARP LESSON. By Telegraph—Press Association — Copyright. LONDON, July 23. Tlie Times says that the Queensland per cent, stock due in 1945 fell 3£ per cent., to 98£, on the appearance of the new issue, and Queensland threes fell one-half; to UUA. The Times adds : The constant succession of new colonial and rnuiiipal issues is having a had effect. 'There are too many demands. A large proportion of the big Government issues of t/he last three years nas not fieeu permanently absorbed. The Stock Exchange underwriters have decided not to underwrite lor some time any colonial or corporation loans.

The Times declares that this is a wise decision that might advantageously have been taken sooner. SYDNEY, July 24. The Herald, commenting on the cable message in reference to the Queensland loan, says that when the modest loan of an important State like Queensland is received with such disfavor, a reason is afforded for grave consideration by the various Australian Treasurers, especially New South Wales. This is all the more necessary because of the unfavorable reception given at times of easy money markets, when investors are disposed to look_ for stocks of a character such as Australian securities once enjoyed. The Telegraph says that the collapse of Australian credit in London has been rendered far more severe by the dominance which'socialistic legislation has secured both in the State and Federal Parliaments, and it is certainly held in London that the step now taken by the underwriters will serve as a check.