AUSTRALIAN LOAN.

Hokitika Guardian, 16 July 1925, Page 3

AUSTRALIAN LOAN.

[Australia «V N.Z. table Association.J

AGAINST NEW YORK LOAN. SYDNEY', .July Hi

Mr Lang has announced that tin* New South Wales Government would refuse to lie a parts with the Commonwealth Government to the suggested American loan issue. He says it "ill

lie time enough to consider going to New York when he finds Loudon is closed io him. -Mr Lang considers the stringency now being experienced in London will pass off, ami it would he :i mistaken policy to break the long tradition of Australia’s financial connection with Loudon on account ul a temporary difficulty that may disappear a few months hence.

LONDON’S LAMENT. SYDNEY, duly Id

Influential authorities state the London market is distinctly hostile lo the Dominions borrowing outside Britain. This, it is stated, is had lor the prestige of Loudon as the liuaneial centre, and also lor British trade as America will fie sure to see that trade follows the loan.

Dr Earl Rage in the House of Representatives admitted a cable to this effect had been brought to the notice of the Government. It was not practicable, added Dr Page, for the Government to cause to he issifetl consols or stock to present holders. Loans amounting to sixty-six million sterling were falling due in December and at the present rate of interest Australia could not find all the money necessary to comply with the agreement made by the Federal Loan Council to meet requirements, nor was it possible to cause all such loans to lie raised in Australia to obviate borrowing in the London market.