SIX MILLIONS LOAN

Evening Star, Issue 18335, 24 July 1923, Page 1

SIX MILLIONS LOAN

AT 4| PER CENT.

CHEAPEST MONEY SINCE 1915.

New South. Wales lias succeeded irt raising a loan of £6,000,000 at the very low rate of 4J,- per cent. It was not considered that thp Mother Stale of Australia would get money at much less than 6 per cent.; as New South Wales credit, in the opinion of financial experts, was “just recovering.” However, the presence in London of the head of the New South Wales Government made all Hie difference. Sir George Fuller, on his arrival in England, became the guest of the Duke of Devonshire, •Secretary of State for the Colonics, who is a strong sympathiser with oversea aspirations. Thereafter ho was feted by all. London, dinners being given him by all political parties, presided_ over in alternation by the Prime Minister, Mr Lloyd George, Mr Clynes, and other of the big lights in British politics. Financial magnates, recognising him at Iho popular political head of a State of inexhaustible wealth-producing _ potentialities, received him well, and immediately met his request for a six-million pounds’ accommodation. The interest went down from 6 to 41, per cent., and Sir Timothy Coghlan, Agent-General' for New South Wales in London, afterwards declrfhed that the presence in England of the Head of a sane, and stable Government had obtained for New South Wales a concession of at least 1 per cent, on the most favorable terms otherwise possible. Sir George Fuller at Auckland declared himself perfectly gratified at the result of his mission Home. This £6.000,000 loan at per cent.' is the cheapest money borrowed by New South 'Wales since 1915.