AUSTRALIAN LOANS

Sun (Auckland), Volume II, Issue 504, 6 November 1928, Page 15

AUSTRALIAN LOANS

WILL NOT PAY THROUGH THE NOSE IN NEW YORK GOOD HARVEST EXPECTED “The question is, “Are we making too heavy demands on the London market?” That was the tactful reply given by Mr. J. T. .Heathershaw, secretary to the Commonwealth Treasury, when asked this morning on the Marama if Australia proposed raising many of her loans in America. He said that Australia would go to New York only if she could get a reasonable rate there. She w’ould not pay through the nose for New York money. Mr. Heathershaw, who is making his first trip to New Zealand, is also a member of the board of directors of the Commonwealth Bank. His headquarters are at Canberra, which, he says, is now a thoroughly established town, despite the criticism which had been offered about it. He considers that Australia has now recovered from the depression of last year, and that she is in for a prosperous season with a good wool clip and the promise of a bumper harvest. Mr. Heathershaw did not consider that the accusations of over-spending In New Soufh Wales were justified. That was always one of the complaints against any Government. New South Wales had several big propositions in hand, one of which, the harbour bridge, was costing about £6,000,000. Western Australia was making great advances with her land settlement scheme and had increased her primary products enormously, especially wheat. This scheme of land settlement was being taken up to some extent by the other States of the Commonwealth. In Victoria and South Australia the fruit and fruit-canning industries were forging ahead. Mr. Heathershaw will tour New Zealand. beginning in the South Island and working North*