THE MONEY MARKET.

Taranaki Daily News, Volume XXXXV, Issue 224, 19 October 1903, Page 2

THE MONEY MARKET.

AUSTRALIAN BORROWING. PER PESBB ASSOCIATION. Melbourne, October 17. Sir G. Turner contends that the Commonwealth could not get the Victorian loan converted on better terms than tha State Government, and thit when the State Treasurer informed him of tha nooessity of renewing the loin he communicated with the highes" financial authorities. Tha London money market wad then showing signs of breaking up, and they advised that it was a very unfavourable time for the Commonwealth to commanca loan operations. If be had taken charge of the loan the price pud wiuld have been the standard for future loans, and he add?d that until the States come to an arrangement with the Commonwealth, which will plice a check on future borrowing, prevent cut throat competition, and provide a sinking fund, for loans, the Commonwealth will not go on the market.

NEW ZSaIAND LOANS. | Londos, October 17.. The Daily Mail sta'es that a fresh Rew Zealand loan will not be welcomed. Everybody will soon be regretting the extension of the trustee provisions yrhich has givflu an extra inducement to extravagancu. THE VICJrOIUAN LOAN. Received 19, 0.58 a.m. London, October 18. The Observer says the Victorian loan I arrangements have created a favourable impression, and the terms being liberal they will, doubtless, be aocepted by the majority of holders.