AUSTRALIAN CREDIT

Evening Post, Volume C, Issue 22, 26 July 1920, Page 7

AUSTRALIAN CREDIT

THE STATE LOAN HITCH.

(UNITED PRESS ASSOCIATION.—COPIRIOHT.)

(AUSTRALIAN ■ NEW ZEA!,AND CABLE ASSOCIATION.) LONDON, 23rd July. At a meeting of. the Australian Estates and Mortgage Company, Sir Archibald Williamson, the chairman,'referred to the speech made by Mr. Theodore (Premier of Queensland) at his farewell dinner, in which. Mr, Theodore said in respect to the difficulty in raising a Queensland loan in London that it was unfortunate, that local political fights should be carried into the city of London. The self-governing Dominions should be loft to settle such questions for themselves. Sir Archibald said the Mother Country, would supply all the ■capital Queensland wants for developing her resources, on one condition, that State contracts, whether with State creditors or individual lessees, were £&oredly observed. The credit of any State must 6uffer from legislation which failed to observe the elementary conditions of good faith. ■No one wished to interfere with Queensland's sovereign rights or see the development of the State retarded for lack of loan money; but if these sovereign- rights were so exercised by the' Queensland Government as to deprive any of the State, creditors of rights on the faith in which they had been induced to invest money, the Government could not complain if ' the result is to atop the flow of further capital to Queensland.

LONDON, 23rd July.

It is reported that between two millions and 'two and a half millions of the Victorian loan have alresdy been converted in London.