FINANCE DANGERS AHEAD
AUSTRALIAN STATE POLICY CONVERSION ON SHORT TERM. WARNING BY LONDON JOURNAL TROUBLE- El YE YEA R S HENCE. (United Pres'i Association—By Electric Tcicgrapn Copyright.) Received 11.30 a.m. to-day. LO'Nk uN , Julie- 13. General uneasiness as to the future of the gilt-edged market, which man,, contend has -already passed its zenitn, caused the “New Statesman” bitterly to attack the Australian Government. It declares that the Australian Prime Minister. Mr, J. H. Lyons, may be telling Australia, that the loan conversion plan will be wonderfully successful.
“Actually he should confess defeat and warn the people of the financial danger ahead.,” says the “New Statesman.” “It is criminal that- Australia is not converting the debt into iowerinterest long-term issues. Australian statesmen dare not tell the electors that long-term issues cannot be raised in London at a, better rate than 4j. Therefore they are taking refuge - in the short-term issues and dealing piece.. meal with a high interest- loan which, for Australia’s good, should immediately be converted at the best rate available. The authorities are merely piling up trouble five years' hence, when money may be dearer and the seasons bad.”
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https://paperspast.natlib.govt.nz/newspapers/HAWST19330619.2.44
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Hawera Star, Volume LIII, 19 June 1933, Page 5
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190FINANCE DANGERS AHEAD Hawera Star, Volume LIII, 19 June 1933, Page 5
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