FOUR MILLIONS FOR N.S.W.
Mr Lang Greatly Pleased
LABOUR'S GOOD CREDIT. Australian and N.Z. Cable Association. By Cable —Press Association —CopyrUfh*. SYDNEY, March 21. Mr Lang has received advice that the £4,000,000 loan for New South Wales, issued at £9B hearing 5 per cent, interest, was raised in London. Referring to.the notation, Mr Lang said tiie placing of the loan at such a price must be regarded as satisfactory. It indicated that London underwriters realised That there. was nothing to fear as to tiie financial stability of New South Wales under a Labour Government. “There is,” said Mr Lang, “one cause for regret iu which all worthy citizens will join—that is that during tho negotiations it was manliest that political propaganda was conveyed to London apparently for party purposes, and this made the placing of the loan more difficult than would otherwise have been the ease, and possibly prevented oven belter terms being obtained.'’ VIEWS OF FINANCIAL JOURNALS. ..AUSTRALIA'S CREDITS AC-. : KNOWLEDGED. By Cable —Press Association —Copyright. Australian and N.Z. Cable Associttlr-.* (Received March 21, 5.5 p.m.) LONDON, March 20. “The Financial Times,” commenting on the imminence of the New South Wales loan, and the reception of the State's loan, emphasises that Australia evinces no lack of willingness to finance her own requirements, as far as is reasonably possible. Dr. Earle Pago (Federal Treasurer), is entitled to point to the soundness of, the advice tendered the Loan Council anil to the financial strength of the country. “The Financial News” states that the undertaking' took the gilt-edged market by surprise, especially after the cool reception of two trade facility loans. The terms offered are slightly more attractive than the last New South AVales proposal, while the longer term is more satisfactory than in the case of the Queensland loan, G 8 per cent, of which was left with the underwriters.
The final instalment of the loan of 75 per cent, is payable on May 3, with interest in June and December, anil a first payment of 10/- on June 1.
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Timaru Herald, Volume CXXIII, 22 March 1926, Page 9
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339FOUR MILLIONS FOR N.S.W. Timaru Herald, Volume CXXIII, 22 March 1926, Page 9
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