LAND SETTLEMENT.
+ SIX MILLION LOAN. FINANCING FARMERS. NEW SOUTH WALES’ OFFER. BY CABLE—PRESS ASSOCIATION—COPYRIGHT (Received Oct. 25, 11.50 a.m.) SYDNEY, Oct. 25. The sub-committee of the State Cabinet decided that immediate steps be taken to push ahead with land, settlement. It wag decided to notify the Commonwealth Government that the State is prepared to accept £500,000 in London; which will be l the first instalment of the £6,000,000 loan provided for under the. migration agreement.' It is understood the cost of the transference of the first instalment will be between £26,000 and £30,000. All the banks, including the Commonwealth Bank, have agreed upon the details of the scheme in the nature of a pool for the exchange. It is anticipated that there will be no difficulty now in financing the exports of wool, wheat and other products this season. Under the scheme bills on London will be negotiated ns usual in London. The money so obtained 5 . by buyers of bills will be taken by the banks in the proportion agreed upon, and the adjustments of cash .rendered necessary in Australia will be made much on the principle of that of a daily clearing house.
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Bibliographic details
Hawera Star, Volume XLVIII, 25 October 1924, Page 5
Word Count
195LAND SETTLEMENT. Hawera Star, Volume XLVIII, 25 October 1924, Page 5
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