N.S.W. CREDITS

Hokitika Guardian, 1 February 1932, Page 6

N.S.W. CREDITS

NEW YORK DISCUSSIONS

(United Press Association.—By Electric Telegraph.—Copyright.)

NEW YORK, January 31

The New York Government’s decision as to the Lang demands were made available here after the cioee of markets on Saturday. No sales were reported of New South Wales bonds to-day, and the reaction of the financial world was not- generally indicated. Mr Dow presented a complete text of Mi: Lyons’ statement, (jpftf.sbnally, to the editors of newspapers here, and it will receive a prominent place in to-morrow’s issues. The Australian Press understands that Mr, Dow also consulted the president and executive officers of the Chase, Harris aad Forbes .corporation, New South Wales loans fiscal agents. . 'The latter’s viewpoint was outlined ’ as follow: —American investors are not interested in intimate political details. He wishes to know whether his investment is secure and whether he will receive the interest. Basically he believes in the financial integrity of the Australian people, but is disturbed by the talk of default, and Australian credit will be seriously damaged. The Australian office - here handles funds for: interest falling due on Commonwealth?* issues. Only Queensland and New- South Wales interest commitments are handled directly between the bankers here and the respective Agents-General. LONDON, January 31. Under the loan contract, i interest on funds must he deposited here some time before the due date. New South Wales money should have been deposited at.iNiew York to-day and it is hoped the'JNew South Wales Government may reconsider, and that the interest will be cabled betC' from London ’on Monday morning.