DOLLAR RESERVES
SOME CONCERN IN AUSTRALIA. POSITION IN UNITED STATES. (By Telegraph—Press Association—Copyright) CANBERRA, March 7. Diminution of the Australian dollar reserves in the United States is causing concern to the Federal Government, which has to redeem a New York loan of 71 million dollars in October. The present holdings in the United States are not sufficient to meeting the loan, which bears interest at 7 per cent. It is understood that United States law prevents the flotation of new loans, by belligerents during wartime, so that way of overcoming the difficulty is closed. Commonwealth officials' are not sanguine about the results of a conversion.
Officials believe that some financial assistance from Britain may be required. Tentative negotiations have been opened by the High Commission-
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Wairarapa Times-Age, 8 March 1941, Page 6
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125DOLLAR RESERVES Wairarapa Times-Age, 8 March 1941, Page 6
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