AUSTRALIAN DEBTS

Evening Post, Volume CXV, Issue 123, 27 May 1933, Page 16

AUSTRALIAN DEBTS

OWING TO AMERICA

ft 'Gold, by an Act of Legislature, is now I Unprocurable in the United States for the payment of debts. The Commonwealth *;,Ct.overnment of Australia therefore paid interest due by it in* New York in paper 'ilpllars. Objections were, raised by some bondholders, who are claiming t performance of the contract to pay lv j gold. The matter affects Australian Governments and corporations at present, for they >pay interest on loans amounting to 274,500,000 dollars raised in New York. •lAt the present rate of exchange this sum |>-ould represent more than £91,000,000, r-Hnd at par about £50,400,000.. New South iiWales and Queensland are the only two States whose American 'loans, raised on tfieit- own account,' arc outstanding. They e.tid the otlicr States, however, have received allocations'from loans' raised by v the Commonwealth in New York; TJie 'loans, with interest rates and gate's of maturity, are set out below:—:■

I'; , . Interest : t Halscd by n.c. Maturing, dollars. fC.'weath" ,.,..., 5 1952-57 7.1,000,001 -'C'wealth ..... !> 1047-57 40,000,001 tCwealth .,...., 4'/3 1928-5G 50,000,001 'N.S.W. ....... .r. 1042-37 25,000,001 "K.S.W , 5 1942-58 25,000,001 Queensland ..'., 7 1941 12,000,001 Queensland ... fi- 1947 10,000,001 Urialano City .. 5 . 1917.-57 7,500,00) Brisbane City .,. S 1948-5S 7,500,00! Brisbane City ..• fl 1910-50 . 5,000,001 Sydney City .. 5»/ a 1945-55 10,000,001 ijtletrop: , Water ' ! Board Hy z 1940-50 7,500,001 'f * ' ' ' ' Total ,„,... 274,500,001