MONEY MARKET.

Hawera & Normanby Star, Volume XLII, Issue XLII, 21 July 1923, Page 7

MONEY MARKET.

LOAN-FOB NEW SOUTH WALES.

(Br TELEGRAPH —PKESS ASSOCIATION 1 ' ■'■ AUCKLAND, July 20. fsew South Wales lias succeeded in raising a loan of £^000,000 at the very low rate'of 4 per cent. It was not considered that the mother State of. Australia would get money at much less than 6 per cent., as isew South Wales' credit, in the opinion, of.-fusancial experts,, was "just recovering." However the presence, in London of the head of the .New South Wales- Government made- all the diffei^nce^ Sir- George F.uller, on arrival in England, became the guest, of. the" Duke of Devonshire. Secretary of Stat*. for the polonies, who is _a strong, sympathiser with oversea aspirations and thereafter he was feted by all th fe political parties, presided over in, alternation by the Prime Minister, Mr Lloyd tieorge, Mr J. R. Clynes-and. a!,her big lights m British politics. Financial magnates, recognising him, as v popular political head of a State of inexhaustible wealth-produci.u ri/ieHtialities, received him well, ;inii immediately -oet his request for sLGjOOO CXX) accommodation.

The interest went down-, from. 6 to 4 per cent., and Sir Timofehy -Co&Llan (Agent-General for New South Wales in London} afterwards declared that the presence in England of the head or & sane and stable- QsHQiaaneßt had obtained fer New South. Wales a concession of at least one per csrit. on the most favourable terms. ■. This £6,000,.----000 loan at 4 per cent, is the-cheapest money borrowed by N&ve South Wales since 1915.