COMMONWEALTH LOAN

Evening Post, Volume XCIII, Issue 89, 14 April 1917, Page 5

COMMONWEALTH LOAN

OBJECTS FOR WHICH IT WAS

RAISED.

(AUSTRALIAN-NEW ZEALAND CABLI^ASSOCIAIION.)

(Received April 14, 9 am.) MELBOURNE, This Day.

The object of the Commonwealth loan, floated in London, is to caver the balance of £7,500,000 borrowed by the Federal Government on behalf of the individual States under an arrangement come- to between the Commonwealth Government and the States (New Sout£ xWales excepted). , ■

The loan is for three and; ja-half; million, at 5£ per cent, interest, and will consist of bearer debentures of. £10.'and upwards, convertible into registered stock before the end of June.

[All the States (except New^. South Walets) entered into an arrangement with the Commonwealth Government to refrain from borrowing; on the London market, conditionally upon the Commonwealth Government raising £7,450,000 in London, reserving the right for themselves to raise up to £4,332,000 in Australia. This was subsequently amended so, that the Commonwealth Government should require to raise in London on behalf of the States, £5,400,000, the following being the' allocations:—Victoria, £414,000, Queensland £1,735,000, South Australia £1,385,000, West.'Australia £1,466,000, Tasmania £400,000.] .