FEDERAL FINANCE

Hokitika Guardian, 22 February 1932, Page 5

FEDERAL FINANCE

COMPLAINTS OF DEFAULT. DISCUSSION IN COMMONS. (Australian Press Association.) LONDON. February 18. In the House of Commons some members asked questions relating to New South Wales stock. Mr O. Lewis (Conservative) asked the Secretary to the Treasury (Major AY. E. Elliott) if he was aware that the interest on certain New South Wales securities was in arrears. Fie asked what steps the Government was taking to remove these securities from the Treasury’s* list of trustee securities, or, otherwise, to warn would-be investors of the risks attending the lidding of such securities. Air E. Ramsden (Conservative) asked whether in view of the New South 'Wales defaults the British Treasury would lay the matter hefore the Ottawa Imperial Conference with a view to the Conference agreeing to amendments being made in the Colonial Stock Act to meet such cases.

Mr W. Strussel asked if the Secretary to the Treasury, under the powers defined in the Colonial Stock Act, would obtain funds to pay interest where there had been any defaults. Alajor. \\ r . E. Elliott, answered as follows:—“I am glad to say that I understand that the necessary funds have now been made available in London In these circumstances, the need of any action on the part of tlie Treasury does not arise. The New South -Wales stocks will remain as before, as the interest has been paid.”