BRITISH & FOREIGN NEWS

Hokitika Guardian, 27 March 1926, Page 3

BRITISH & FOREIGN NEWS

[Australian & N.Z. Cable Association

DRASTIC RESTRICTION URGED LONDON, March 2b.

Drastic restrictions of fresh trustee stocks, including overseas borrowing, was suggested by Mr Stanley Macluu presiding at the meeting of the Associated Claim tiers of Commerce. He declared the Government’s first. duty was to reduce the. taxation and pointed out that twenty millions could be saved by the conversion of two thousand million of British goods. This was only partially true as it did not apply to .the renewal of loans raised to pay interest on existing debt. Such issues would compete with British Government stocks and hinder the reduction of income tax.

N.S.AV. LOAN FAILURE

LONDON PRESS COMMENT

LONDON. March 20

The "Morning Post’s” Commercial editor comment.- oil the Xc" South Wales loan as follows:—‘‘Eur the third successive time New South Wales has failed to attract any adequate response "from investors here. Probably, as previously, the market eventually will absorb the stocks, but the result certainly is not conducive to the popularity of New South Wales issues. Wc do not think that the explanation lies merely in tin* precise terms of tlio issues. As a matter of fact, there is increasing concern here regarding the rapidity of the giowth of the N.S.AV. )<*r capita debt. Moreover, unlike the New Zealand, New South Wales loan prospectus gives extraordinary meagre information regarding the States’ till* anoes. LONDON, March 20. The “Daily Express” says: “Investors arc* getting a little shy of lending to Australia. If the borrowers had not 1 1»;• shelter of the Trustee Act, they would find it still more difficult to satisfy their requirements. There arc mativ industrial debentures infinitely

better secured.” The “Daily Chronicle” says: “The eagerness of investors for more, generous term, must be largely attributed io tin* immense* scale of the national expenditure which gives no prospect of taxation relief, and thus keeps the net yield from high class stock- al relatively a low figure.” All the newspapers give prominence to the disappointing loan result.

The financial writers say it escaped lighter than, some expect, d. Tin? discount doubtless will disappear however, unless further Colonial issues mi* more attractive. The •‘l'inamial Times” says: The request fur more liberal information than the Commonwealth and the Stall’s’ loan prospect us afford is reasonable and fair. New Zealand publishes particulars, and the Crown Colonies are equally frank, but N.S.AV. •and several others do not attempt to give any information. I'ossiblv they think it is infra dig. but no business man would dream of asking for money without detailed information. TRINITY COLLEGE EXAMINERS. LONDON, .March 20.

The appointments are announced of the Trinity College of Music examiners, They are: Doctor C. Edgar Ford, for Eastern Australia: Mr Adolph -Alann, for South Australia and AA'tist Australia; Mr Ronald Chamberlain for the North island of Now Zealand ; and Doctor J. Borland for tin* Sonth Island of New Zealand. The two la.st-nnmed will also assist with A'ictoria and South Australia. , PRINCE OF WALKS INDISPOSED. LONDON, March 20.

The Prime of Wales is indisposed and was unable to carry out his intention to see the Grand National. Crowds assembled at the Great Eastern station to witness the departure of the Princes of AY ales for Liverpool. They were concerned at the annottneemoti of the Prince’s illness, but were reassured in a subsequent statement that the Prince’s indisposition was not serious. The Prime, .suffered all night with acute ear ache. THE FRENCH BUDGET. PARIS. March 20.

The Chamber voted the Budget at 36,451 million francs which leaves a deficit estimated at 4,300.0(10 francs when the franc, was 110, but which is now at 138, therefore the calculations are a. pure speculation.