LOAN CONVERSION.
Australian Policy Bitterly
Attacked.
"MERELY PILING UP TROUBLE."
(Received 11.30 a.m.)
LONDON, June 18.
The general uneasiness in the future of gilt-edged securities, which many contend have already passed their zenith, has caused the "New Statesman" to bitterly attack the Australian Government. It declares: "Mr. Lyons may be telling Australia that conversion has been wonderfully successful. Actually he should confess defeat and warn the people of the financial dangers ahead. "It is criminal that Australia is not converting her debt into lower interest and long terms. Australian statesmen dare not tell the electors that long term loans cannot be raised in London at a better rate than 4.} per cent, therefore they are taking refuge in short terms and dealing piecemeal with high interest loans which, for Australia's good, should bo immediately converted at the best rate available. The authorities are merely piling up trouble for five years hence when money may be dearer and seasons bad."
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Bibliographic details
Auckland Star, Volume LXIV, Issue 142, 19 June 1933, Page 7
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159LOAN CONVERSION. Auckland Star, Volume LXIV, Issue 142, 19 June 1933, Page 7
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