AUSTRALIAN LOANS

Hawera & Normanby Star, Volume XLI, Issue XLI, 17 October 1921, Page 5

AUSTRALIAN LOANS

.COMPETING MARKETS

A^yANTAGES OJF LONDON

n CABIJB—PBE3S ASBOTIATIOW—COpyBIGET

LONDON. Oct. IS. i 13i© financial New* welcomes the; aaißouncement of Sir Joseph Cook (Ajttsfcralian Finance Minister) that the CJommonwealth's £5,000,«00 loan will be floated in'JLondon. Ther« appeared to be «ome disposition to .believe that Australia make the question of borrowing in London'or Slew York a party issue. Admittedly oieither the CJonuHoswealth nor any Stajfce Government is tied tto London: it jg-open for them to :borroir elsewhere* «tn better terms if tlhey Qft»- ' It has heen asserted that money can be obtained more .-cheaply in York at the present; r^te of exchaage o but, on the contrary, Queensland« New York loan was the most exj>©n;sive 1 Australian issue yet contracted. Inhere ■ <could be no greater mistake than to I ■suppose American inT,estors would he less critical than British of measure^ they might consider »epsidiatory; they would be much more <*itical. Aus~ j tralian credit depends o» Australians I themselves, and the Cc>^»onwealth fs | credit stands higher in ihe London j market than elsewhere.