SECRET WORK

Gisborne Times, Volume LXXIII, Issue 11768, 15 October 1932, Page 5

SECRET WORK

MR. S. M. BRUCE’S SUCCESS. AUSTRALIAN LOAN CONVERSION. SYDNEY, October 4. Mr. Bruce'- one-man performance in negotiating the Australian convulsion loans recalls, in its secrecy, the arrangement for the British Va r Loan conversion. No Australia House official knew the terms until after dinner to-night. Mr. Bruce worked from 14 to It hours a day and often during weekends, even remaining at his office for lunch. One of his meat important tasks has been to enlighten the public and consolidate their confidence through the newspapers. He did this alone, and conferred with the financial journalists, whose columns persistently reflected thenfavourable reactions. He conferred, also, with Treasury officials and innumerable bankers and finuncieis, sometimes suddenly leaving Australia House fur an unknown destination and returning long after most of tue officials had reached their homes. When Mr. Bruce arrived in London, Australia could not have attempted a conversion on terms comparable to to-day's, and the result reflects the impression created by his endeavours in the right quarters. To-uiglit he asked several people to guess tlie terms-, nobody was anywhere near.