FEDERAL LOAN.

Hokitika Guardian, 16 December 1930, Page 6

FEDERAL LOAN.

A SPLENDID RESPONSE. (Australian Press Association) (Received this day at 8 a.m.) Splendid Inst uninute response to the ,Cpmmo.mvealth twenty-eight miljtipn Joan..had a reflex ,in the Stock Exchanges, All issues bonds were marked up and gains of two. to twelve points were recorded, the best advance being on long-dated six per .cents. lit.,is understood that early fears of note inflation caused a number, of the largest ..investors, to hang back. This was later replaced by a feeling that the best way to arrest inflation was to ensure the success of the loan. However there is still an element of nervousness and caution, due to the uncertain political outlook in New South Wales as well as in the Federal sphere. LONDON PRESS COMMENT. ■LONDON, Dec. 15. The “Daily Telegraph” in an editorial entitled “A victory for sane finance,” explains the circumstances of the floating of the 28 million loan. It says it will long he associated with the name of Lyons, whose fight for honest finance in the inner councils of his Party ha,s raised him to a position of a popular hero. The power, of the Labour Caucus in Australia liiris no parallel -elsewhere. Tn defying its authority. Lyons took liis political life in his hands. The avalanche of applications in the past few days is 'll memorable proof of Australia s resources and carefulness for its financial honour. A political situation of the utmost complexity, however, remains; EXPECTED. TO BE OYERSUBSCRIBED. (Received this day at 8 a.m.) SYDNEY, Dec. 16. Upwards of twenty-seven millions sterling is in sight, while, a. considerable number of holders of the former loan have not yet indicated whether they intend to convert, but a majority are expected to; do -so.- The loan remains open to-morrow.and it is officially anticipated it will he oversubscribed by Wednesday. , < Received this da* 11 *.m.) .. “;. V SYDNEY, Dec, 16. Over seventy thousand applications have been received .Tor bonds in the Commonwealth Loan. When all advices are .to hand, the aggregate number is expected to be a hundred thousand. The. success of the loan is assured.