AUSTRALIAN MONEY.
TOO PLENTIFUL IN LONDON. By Telegraph.—Press Assn.—Copyright. Sydney, June 15. Contrary to expectations, banks in London are now facing' the problem of transferring to Australia a portion of the redundant balances. The increased price of wool and heavy payments for wheat are factors in producing a plethora of London funds. POSITION IN SYDNEY. Sydney, June 15. The Daily Telegraph says that money is now cheaper in Sydney and is being offered to borrowers with a liberality contrasting strongly with the conservative attitude of a few months ago. To-day it is possible to obtain up to 66 per cent, of a recognised valuation at or even 6 per eent. interest, whereas earlier in the year the best terms were about 50 per cent at 7. The Telegraph adds that the future ;.3 regarded optimistically in financial and industrial circles, because of what is termed the saner and more stable Government. Beneficial results are expected by manufacturers, consequent on the reductcion of the basic wage and the return to a 48-hour working week.
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Taranaki Daily News, 16 June 1922, Page 5
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173AUSTRALIAN MONEY. Taranaki Daily News, 16 June 1922, Page 5
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