N.S.W. DOLLAR LOANS.

Auckland Star, Volume LXVII, Issue 207, 2 September 1936, Page 7

N.S.W. DOLLAR LOANS.

POSITION IN NEW YORK. NEW YORK, September 1. Prime Minister of New South Wales, Mr. B. S. Stevens, after a final consultation with underwriting groups, informed a representative of the Australian Associated Press that while he had found them very receptive in regard to the refunding of the callable New South Wales dollar issues, he believed the time was not yet propitious for such an undertaking principally for two reasons—the impending Presidential campaign and the fact that the New York market is not familiar with the extraordinary recovery of Australia and the extreme soundness of its credit position.

Although new interest rates obtainable at present were unquestionably lower than the old rates it seemed to be indicated that better rates could be obtained in the not too distant future. In view of the low rates to be obtained in London and the likelihood of lower rates being obtainable in New York shortly, Mr. Stevens said he felt that negotiations could be temporarily held in abeyance while efforts were made to disseminate among the American bondpurchasing public accurate publicity as to Australia's position as an excellent credit risk.