TERMS ANNOUNCED.
First Commonwealth War Loan. TO OPEN ON FRIDAY. (Received 1 p.m.) SYDNEY, this day. The acting Federal Treasurer, Mr. P. Spender; officially announced the terras of the first war' loan of £18,000,000 at par, with two options. There is a longterm rate, from 10 to 16 years, at £3 12/6, and a short term, five years, at £3 7/6. It opens for subscription on Fridav.
A total of £8,000,000 will be appb'ed to war finance and the remainder to State and Commonwealth public works.
A warning that taxation would have to be severely increased to finance Australia'* war efforts was given by the acting Treasurer in announcing the terms of the loan.
"Increased taxation is inescapable if we stick to the principle of paying for the war as we go, so far as that is practicable," he_ said. "Taxation, however severe, cannot yield the whole amount required and Australia will have to borrow on an increasing scale."
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Bibliographic details
Auckland Star, Volume LXXI, Issue 50, 28 February 1940, Page 7
Word Count
159TERMS ANNOUNCED. Auckland Star, Volume LXXI, Issue 50, 28 February 1940, Page 7
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