AUSTRALIAN FINANCE.
QUESTION OF INTERNAL LOAN. RATE OF INTEREST AT ISSUE. (United Press Association—Copyright) (Received This Day, 10.20 a.m.) SYDNEY, This Day. The "Sydney Morning Herald's" Melbourne correspondent says that the Premiers' Conference declared itself in favour of an immediate internal loan of £8,000,000, the issue to be at par, bearing interest at £3 los per cent, and with a currency of 10 years. A deadlock was reached when the Commonwealth Bank intimated that it would not underwrite a loan at less than 4 per cent.
Ultimately the conference suggested that Sir Robert Gibson (chairman of the Commonwealth Bank) convene a conference of trading banks in Victoria and New South Wales to review the whole problem. Sir Robert. Gibson informed the conference that he was prepared to do that.
THE PREMIERS' DECISION. MELBOURNE, October 27. The Premiers' Conference has agreed to the floatation of a loan of £8,000,000 at 3| per cent, with an underwriting fee of 10s, making the effective percentage, £3 16s.
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Ashburton Guardian, Volume 53, Issue 15, 28 October 1932, Page 5
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164AUSTRALIAN FINANCE. Ashburton Guardian, Volume 53, Issue 15, 28 October 1932, Page 5
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