FEDERAL LOAN
ATTACK BY OPPOSITION
INTEREST REDUCTION FAILURE
( I lotfopossy ssdJj uvijou-^nf) bAMBERIIAyvMayIVV
■‘ lit. Hon. J. H. SculHh,’ Lender of the Opposition) in 'xthe/Hogse • t>f v,Re* presentatives) > .to-day .: aftta-eked >*the Government for its failure.tc* achieve any reduction in the interest payable on Australia’s loan indebtedness;pin Britain. He cited the success on the British market of the recent British loan conversions, and also of the Indian loan, these illustrating, he said, that 'there is no storage of money ■there.
Mr Scullin declared that the Australian people are entitled to relief, and he added: “Australia’s annual .interest bill is thirty-five millions, and that is because we are paying between five per cent to six and a-half percent interest.’’ >'
The Prime Minister, Mr >T. Lyons, replied that the Government had done everything possible to bring about the conversion on these debts though their Resident Minister at London (Mr SBruce), but events would now have to take their course until after the World Economic Conference.
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Hokitika Guardian, 18 May 1933, Page 5
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161FEDERAL LOAN Hokitika Guardian, 18 May 1933, Page 5
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