LOANS FOR AUSTRALIA.

New Zealand Herald, Volume LXIV, Issue 19762, 8 October 1927, Page 12

LOANS FOR AUSTRALIA.

: LESS FAVOURABLE TERMS. : LABOUR POLICY BLAMED. " A. and N.Z. CANBERRA. Oct. 7 In the House of Representatives, speaking on the debate on Australia's financial policy, the Treasurer, Dr. Earle Page, said much had been heard of the adverse trade balance of the Commonwealth. One reason for this and the poor standing of Australian credit was that the New South Wales Government, led by Mr. J. T. Lang, had deliberately tried to defeat the purpose of the Federal Government. The New South Wales Government had obstructed the scheme of co-ordination which the Federal Government and the Governments of the other States had tried to establish in the overseas markets. To Mr. Lang was due more of the guilt for the present position than to all the other Governments together. r Last year Mr. Lang had raised in "the loan markets of London and New York £15,000,000, which was more than that raised by all the other States and the Commonwealth in that. year. In that way he had brought about a position which made Australia inferior, in the loan markets of the world, to South Africa and New Zealand. In 1924 Australia could raise money at the same rate as New Zealand, but it could not do so now. If the Common wealth had been able to raise the last loan at the same rate as that obtained by New Zealand for its most recent loan, the Commonwealth would have obtained £1,000,000 more for the same interest and the same nominal amount or debt would have been created.