FEDERAL FINANCE

Hokitika Guardian, 1 April 1932, Page 5

FEDERAL FINANCE

LOAN RENEWAL

AT LOWER RATE OF INTEREST,

He! ted Press Association—By Electric Telegraph.—Copyright >

LONDON, March 30

The “Financial News” understands that negotiations for the renewal of an Australian loan, comprising £4,5Q0,00C in Treasury bills have been satisfactorily concluded. It is believed that, it has been renewed at a lower rate of interest. A furtlied 250 thousand of the original amount will be repaid at maturity to-day.

N.S.W. INTEREST PAYMENT.

CANBERRA, March 31

Provision has been made by the Commonwealth Government to pay, nT| belmlf of New .South Wales, approximately nine hundred thousand pounds for interest due in. London ’ to-morrow, and. about two hundred thousand due in New York. These amounts are inclusive of exchange;

COM MON WE ALT H B-A XK. SYDNEY, March 31

The Commonwealth Bank return ‘to March 28 shows that the week's cash holdings declined by £756,000 t0£5,400,GCO. The deposits totalled £71,262,000, money -in London £22,003,000 (a drop of £118,000); Government securities £28,117,000. The ratio of cash to deposits fell from 8.55 to 7.5 i. The note issue and gold reserve are unchanged.

FEDERAL PREMIER

HIS FIGHT AGAINST MR LANG

SYDNEY, March 31

Addressing the first general convex, tion of the United Australia Party at the King’s Hall, the Prime Minister, Mr J. A. Lyons, said, that 'the Commonwealth Government was in conflict with the Government of New South Wales, and would fight it out •to a finish.’ long as Langism remained, the position for Australia as a whole was hopeless. The principal business of the convention is the adoption of a constitution.