AUSTRALIA’S CREDIT

Gisborne Times, Volume LXXII, Issue 11403, 2 January 1931, Page 5

AUSTRALIA’S CREDIT

FEDERAL GOVERNMENT TO RESCUE. HELP FOR NEW SOUTH WALES’.

(Received Jan. 2, 1.17 a.m.) SYDNEY, Jan. 1. The Commonwealth Government has come to the aid of the New ‘South Wales Government by issuing £J ,500,000 Treasury bills. These will form a' guarantee’ to • the hanks against a sum to be advanced by them to Mr. Lang’s Government.

CREDIT BECOMES WORSE

: (Received-Jan. 1, 9.5 p.m.) I '• A .SYDNEY, Jan. 1. The. Sydney Morning Herald says; The issue of £5,000,0.00 of Treasury Bills at ■ five .percent.: reveals, that, compared with the rate available foT first class, commercial security, Australia has been compelled to .pay dearly for this, six . months’ accommodation. . The, market, price for .the best paper, . the Herald adds, is £g&6s 2d per cent., so that Austro* j§Pi credit, instead of improving, has ffjfsomc wor t se, duo .possibly ,to the Pjpettied ; political outlqp,k in - the sphere and recent threats of inflation. - 1 -

:, MORATORIUM' FOR FARMERS IN NEW SOUTH WALES. NEW YORK. Dec. 31. The publication over, the week-end throughout tile country' of the United States Department oL Commerce’s regular trade "review from Sydney, assorting that due to, the,.conditions of, the farmers of Jtfew South' Wales a moratorium, has declared, until April 1933 rosulted in tlie Australian office here being heseiged with in-, quiricis from hankers and business men. These declare that Australian credit will ,he. .scrio|isly damaged by the use of .the, word “piorntorium”. iJMr. Dow, the official secretary, has cabled to Canberra for detailed information to supply, inquirers. v