CONVERSION LOAN INCREASE.

Press, Volume LXVI, Issue 20086, 15 November 1930, Page 15

CONVERSION LOAN INCREASE.

MR LANG SECURES AUTHORITY. TOTAL OF £28,000,000. (UNITED PRE3B ASSOCIATION—BT F.LECTBIC rx L.s graph—coPyhig ht .) (Received November 14th, 9 p.m.) CANBERRA, November 14. It is new revealed that Mr J. T. Lang, Premier of New South 'Wales, secured the consent of the Loan Council to the increase in the Conversion Loan now on the market from £27,000,000 to £28,000,000 before bringing forward his motion for. the withdrawal of New South Wales from the Council. • It is stated that Mr Lang needed £900,000 to meet maturing New South Wales securities. fAt the meeting of the Loan Council held on November 12th the raising' of foahs totalling '£'28,000,000 was an? proved. The . official report- says: '' A dramatic feature of the meeting' was Mr Lang's agreement to the'plans of Mr J. A. Lyons, Federal Treasurer to float a Conversion Loan -of ±'28,000,000 at 6 per cent, for two years, 5J for ten % years, and 5$ for twenty years.. The decision was unanimous; although Mr LaUK, in the .early discussion, expressed a 'desire to- withdraw froin the. Couftcil, taking . witll him his share of thfe loan, approximately £4,(XX),000. He moved that as the Council had failed to provide for the carrying on of public works in New South Wales the States should be allowed to borrow for themselves. His motion was defeated by an amendment that .the Council had no constitutional power to agree to such > course.""] ; . .. ' ■* . ' ' "r' ' ' . ' ■ ■ |