AUSTRALIAN FINANCE

Hokitika Guardian, 13 December 1932, Page 8

AUSTRALIAN FINANCE

COMMENT IN LONDON

LONDON. November 26, . The “Stoflt Exchange ■ Gazette.” in a Jong article praising the 'Commonwealth 5 ,5. Budgetary and .external trade ach'’ev'merits; 1 " end also the wealth Bank's' Shrewd management, of the exchange, o'ay.s : “While the Federal finances have' been placed °n a sound 1 -’hasis, those of •• •th'j”'Statep , 'aa’ e ’ ■still in- ; im unsatisfactory condition. Aivstral’d’s borrowing credit in London cannot normally be expected to recovei t,he ! ‘;pi:eidepr«r«iott, level -wliV'?-' tho:Stittes' - 'deficit “is £10'ODO;OD0', RiiHerie’y'tht-' ’a ■2s’:per' v .cefi't.. diseburit. 1 Y'et 'the astonishing ’spectacle is nevea’led of Australian stocks standing' higher ill London to-day than they have done for years.” ■ , ,

I ' Pointing out that-Australia has bene- ; filed largely from the British conver- '■ siori, /the /‘“Gazette” • sayri : “AuStraßri . would bb well.'advised to coriVetf the ! of Loridrin, loans with io- ; terest:-rit 5 per cent, or over duririg j tie ■ next ; t\yo .months, while the .pffects l of tlie ‘opbeial internal events still, .linger in;, the market.” S . The- sriggestjon, of the “Gazette” is in '- high quarter!?;.',The Alls* I traßari■ jfress Association i s informed ' that “it Would be impossible to chocee ;ri worse moment than,.the present, wRh ’ the' distuibrince' due .to war debt n.nI certu'nty; and it is. suggested tfiat the i articV’"was written before the latest I.Waihincdon developments. .

| ,Mr Bruce is certainly'taking no im,mediate'steps to. convert the outstand--1 irig. !i £60,000,000.