FEDERAL FINANCE
INTERNAL LOAN PROJECT
SUM OF £8,000,000 MOOTED
FUNDING FLOTATION DROPPED
(Received 9 a.m.) SYDNEY, October 27,
A message from Melbourne says it is understood that the Premiers’ Conference' today agreed to the flotation of an internal loan of £8,000,000 at per cent, with an underwriting fee of 10/, making the effective .percentage £0 10/. The conference passed a resolution urging the Commonwealth Bank to find a sum not exceeding £2,200,000 for the assistance of wheat-growers in the various .States.
The Melbourne correspondent of the “Sydney Morning Herald” states that the Premiers abandoned the original proposal for n n internal loan of £20,000,000,
The Prime Minister, Mr .T. A. Lyons, informed the Premiers that the Associated Banks considered that it was not advisable to float a funding loan at this juncture.
A DEADLOCK
ANOTHER CONFERENCE
(Received 31.30 a.m.) SYDNEY, This Day
A deadlock was reached when the Commonwealth IBank intimated that it would not underwrite a. loan at less than 4 per cent. Ultimately the conference suggested that Sir Robert, Gibson should convene a conference of the trading banks of Victoria and New South Wales to review the whole problem. Sir Robert informed the conference that he was prepared to do that.
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https://paperspast.natlib.govt.nz/newspapers/NA19321028.2.34
Bibliographic details
Northern Advocate, 28 October 1932, Page 5
Word Count
203FEDERAL FINANCE Northern Advocate, 28 October 1932, Page 5
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