AMERICAN ITEMS.

Hokitika Guardian, 13 February 1924, Page 2

AMERICAN ITEMS.

AUSTRALIAN AND N.Z. CABLE ASSOCIATION, THE QUEENSLAND LOANS. WALL STREET EAOER. NEW YORK, hob. 11.

The Premier of Queensland (.Mr Theodore) and party have arrived at New York.

It is understood that two of the Wall street bond bouses already askei Mr Theodore for appointments to discuss with him lh" Queensland loan question.

It is considered extremely unlikely however, that Queensland will be able under any circumstances, to obtain (£25,030.0tM.) sterling on the New A ork money market, even it spread over a two-year period. It is stated here that financiers here are not prepared to make .such large advancements despite the fact t Inn Queensland’s credit is believed here to fie excellent.

Preparations are being now made for the great Japanese loan <>t 2O0,0f)0,0G0 dollars. It is now estimated that it will be a loan of 25n.(!3J.000 dollars, whereof at least three-quarters will be floated in New York, and the teniniudor in i.omlou.

Tho .1 Jipil IH’f't* h»MH ''*ll h»* '•»* approximately 7 ]>»•*• rout *•» in\vsu»i>. This big loan make- it unlikely that Queensland will obtain any money here under S per cent. Ibe en-l ■ i f.n; lec a loan in America, moreover, is • 1 '* —f l • as the underwriters' . >us and fiscal agents' fees total four od half per cent., whereas in Lmehni ilew me less than two per cent, and additional expenses, like engravers' I tils here might total £5.00(1. while being very small in London.

The tiesi informed New )or,( hmu<ei's advance the opinion that .•» < auso the British capitalist* consider that Queensland's credit t- inti'in-mady sound, they will now he willing to overlook the Queensland Land Act controversy. etc., and will grant ,mjc is an ’• all necessary funds at fair terms, they fearing possibly, it is said, -here might |,o unfortunate engagements for Queensland should he forced into borrowing money elsewhere under great need. Mil THEODORE'S OPINION. NEW YORK, Feb. 12 The Queensland Premier, Mr Theodore. conferred with President Mitchell, of the National City Rank, which are Queensland’s fiscal agents, and ho had conversations with representatives ,-f tlie Reed and Dillon Company, a prominent bond house. Hie Premier also received Mayor Oakley, who came from Canada, to confer with him concerning trade matters. Mr Theodore informed the Australian Press Association that he is convinced the London financiers will now underwrite the Queensland conversion loans outstanding. Probably the market rate will he 5.',d or old per cent, despite the land legislation controversy. Mi- Theodore Id not say what plan.- are being made concerning loans in New York, hut it was intimated that preparation should he begun here for ;l U loan, possibly one of ten million dollar.-. No annouueeiiieuf, pro--I,ably. will he made 1 hereon until Mr Theodore's negotiations are completed. Mr Theodore said there is no question the London market is most favourable at the present lime for Queensland. hut we will doubtless come to New York for funds before long. 1 cannot divulge when, or exactly under wliaf circumstances, but it will depend ill the greater part, upon what reception we receive Ironi tho London financiers.” The Premier is convinced that the differin'o in exchange, under varying cireuno.ia::-:*;. maker profitable Qt' flotation of .. I c" Turk loan, :k:pHe a large rate "f intereM Mt Theodoie would neither confirm nor d“ny the report that Mr Fihell.v has resigned as Queensland Agent-General but admitted that to-morrow he would see the hitter, who has arrived from England to confer with him. CANADIANS INVESTING. OTTAWA, Eeh. 11. Montreal reports state the Canadian hanks are subscribing 20,000,000 dollars to J. P, .Morgan’s three hundred million Japanese loan, on the understanding that this money is expended in buying Canadian reconstruction products, chiefly British Columbian timber.