N.S.W. FINANCE.

Hawera Star, Volume XLV, 14 August 1925, Page 7

N.S.W. FINANCE.

A GUARANTEED LOAN. LOjNIDON FINANCLEIRS SCEPTICAL. BY CABLE—PB.ESS ASSOCIATION—COPYBIGHT Received Aug. 14, 1.20 p.m. LONDON, Aug. 13. A newspaper cable from Sydney quoting Mr. Lang’s assertion that lie has been guaranteed a ten million loan annually for three years has surprised financial circles in London, -who are sceptical. Nobody appears to know anything of such .an arrangement, and curiosity was expressed regarding the identity of the guarantor, the price and the rate of interest. Financiers point out they have never heard of a similar guarantee. —Ans.-N.Z. Cable Assn.

CREDIT OF THE STATE

GOOD FOR LONDON LOAN

THE PREMIER’S CONTENTION

(Received Aug. 14, 1.10 p.m.) SYDNEY, Aug. 14. Mr Lang, in an interview regarding the London cable about the guaranteed loan, declined to comment beyond saying that he did not know who sent the cable. The Premier added that he, however, was certain that New South Wales could obtain all the credit it required in London. During the debate in the Assembly Mr Lang, referring to the last Covern--wient’s loan policy, said that in June Sir George Fuller received a. letter from Mr Cocks, of the Treasury, then in London, stating that it was impossible for New South Wales to borrow on the London market, and advising him to go to the American market before the Commonwealth Government got there. In spite of this, Mr Lang asserted that the credit of New South Wales stood ,so high in London that the present Labour Government could obtain all the money it required there.