A LOAN EXPERIMENT.

Dominion, Volume 1, Issue 265, 1 August 1908, Page 5

A LOAN EXPERIMENT.

ADELAIDE FIRM'S VIEWS. (BY, TELEGEAPH—PRESS ASSOCIATION—cor ntIGHT.) Adelaide, July 31. ■ In connection with tho South Australian loan-purchase, experiment, the firm which was negotiating the loan terms, with Lloyd's Bank explains that the Government m open 'to a charge of breach of faith through the action of its London representative. Hie firm's efforts 'were the result of requests from more than one treasurer to compete, against the so-called London ''ring." It was not pretended that they or anyone else could do without brokers, as . brokers were just as necessary in connection with loans, as tea' dealers were in the distribution of tea- ~ . The firm stated that it had succeeded in arranging the business question with the largest bank in Britain, and some brokers of high standing, .and' had made absolutely possible what' was said to be impossible. The reason for failuro is-one for Government in-, vestigation. The firm has already intimated that it intends making no claim for commission, but demands, for the credit of South Australia, that inquiries should be mado by the Government as to the reason the London representative did not sign the agreement.