LOAN FOR COMMONWEALTH

Hawera Star, Volume LI, 20 June 1931, Page 5

LOAN FOR COMMONWEALTH

REPORTED £15,000,000 OFFER FORTY YEARS AT TOUR PER CENT. SOULLIN DECLINES COMMENT. (.United Ciesa Association —By Elecirio Telegiapn Copyright.) rsYjyiNjtY, Juno ii). A group of financiers in imiiuoii, tiiroug-h a Sydney agency, is leporteu to Have offered ±;15,U00,u00 m goid itu a long term at niarKet interest to mt commonwealth uovernment, the bullion to be paid lor by bonds with a currency oi 40 years at 4 per cent. ine Prime Minister, air. j. H. ,3culiin, declines to comment, but displays no enthusiasm about the offer. dome of his colleagues express the opinion tiiat the lenders must be very well disposed to Australia, having regard to the financial plight here and more profitable field elsewhere. -Negotiations are procedeing at Canberra tor reopening the New South Wales Government Savings Bank. A strong desire has recently been evidenced that the proposed merger with the Commonwealth Bank should not be completed. It is understood the latter bank is not anxious to* .absorb .the State, bank owing to its vast ramifications. Official circles in New South Wales are extremely optimistic that the-Gov-ernment Savging.s Bank will soon be reopened.

The Federal executive of the Australian Labour Party, which lias held a series of meetings concluded its deliberations on the Premiers’ conference plan and resolved to approve the action of the Prime Minister and Mr. E. G. Theodore in giving Parliamentary effect to the scheme. At the same time the executive expressed the strongest objection to the principle of reducing wages, pensions din] social services. The executive pointed out that as the Government’s monetary policy bad been thwarted by the banks and a reactionary Senate the only alternative to the present piaii was a Nationalist Government, which would give the workers an infinitely worse deal. It was therefore of the greatest importance that the Labour Government should remain in office, as an election at the present moment would bo dangerous to the workers’ interess.

GOLD SHIPMENT DECISION. LONDON, June 19. The “Financial News” says that the rapidity with which the gold shipment measure was passed demonstrates that Australia can move swiftly when the occasion demands. It is clear evidence of the fulfilment of the vow of politicians to pull together. The gold shipment disposes of Australia’s most urgent problem.