Colonial Borrowing

Bush Advocate, Volume XIV, Issue 300, 21 March 1903, Page 2

Colonial Borrowing

UNITED FKESS ASSOCIATION (By Electric Telegraph— Copyright. London, March 19. The New South Wales Treasury bills have been placed at accrued interest, which reduces the price to 99£. The Daily Chronicle says that the money market is disgusted with the traffic going on behind its back. Sydney, March 20. The Herald says the incidents connected with the flotation of the Treasury bills all point to the disfavour with which they wen received in London, the result of an unfavourable view. The smalloess of tbe amount is still more unsatisfactory because of the uneasiness it roust awaken as to what may be expected when- application is made for £2,400 000, over the raising of money on the London market at such a price. The same people lend to Canada at a little over half the rate paid but, as long as the state of New South Wales is like it is, a loan would not be taken np at any price that even tbe present Government, with all its recklessness, would dare to offer. The Daily Telegraph referring to Sir John See's declaration that the placing of the Treasury bills is a reply to calamity howlers, says that borrowing money on such usurious terms is itself a sort of calamity, and has to be deplored. If the credit of the State is in any danger it is surely from tbe uncauny jubilation of humiliation for tbe State, which every freab issue of bills tends to aggrava^R. London. March Id. Following the placing of Treasury bills, New South Wales 3£ percentaare quoted at 98 and 3 pgr cents at 88.