AUSTRALIAN NEWS
CONVERSION LOAN LONDON NEWSPAPER COMMENT. PRICE REGARDED AS TOO HIGH. London, March 8. “The Financial News’’ says: “The result of the conversion is disappointing and not altogether unexpected. The price of £lOO is regarded as somewhat too high for a long-dated security.’’ “The Morning Post” says: “The result is regarded as satisfactory. There is little doubt that the amount left with the underwriters will be quickly absorbed.” The £9,600,000 New South Wales 4 per cent, loan, maturing on July 1, which is being converted at par into the same amount of Commonwealth_ 4 per cent, stock redeemable in 1950-”0, has been underwritten. Australia had no option but to repay the loan or convert by July 1. Mr S. M. Bruce, Minister in London, in placing the loan thus early on the market, was actuated by a desire to leave himself a clear field for other larger conversions in the near future. UNEMPLOYED ALLEVIATION. MR SCULLIN S MOTION LOST. Canberra, March 8. When the House of Representatives reassembled to-day, Mr J- H. Scullin, Leader of the Opposition, moved a motion censuring the Government for failure to alleviate unemployment. He urged that the Commonwealth Bank should be asked to provide £1,000,000 per month for the absorption of 50,000 unemployed until the situation improved. The Hon. J. A. Lyons, the Prime Minister, replied that there was a distinct improvement in the unemployed position and a general improvement in economic conditions.
The motion was negatived on purely party lines.
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Bibliographic details
Hawke's Bay Tribune, Volume XXIII, Issue 74, 9 March 1933, Page 8
Word Count
247AUSTRALIAN NEWS Hawke's Bay Tribune, Volume XXIII, Issue 74, 9 March 1933, Page 8
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