INTEREST PAID.

New Zealand Herald, Volume LXVIII, Issue 20863, 4 May 1931, Page 9

INTEREST PAID.

STATE'S DEBT IN LONDON. / COMMONWEALTH FINDS FUNDS. LONDON, May 1. The Commonwealth has deposited tho necessary funds with the Westminster Bank to pay {lie interest which Mr. J. T. Lang was unable to meet. The Financial News recalls Sir Otto Niemeyer's statement in August that Australia should bo given two years to put her house in order, and says the breathing has been narrowed by eight months, and the, debt problem is even further from solution. The Government's vacillating policy is merely piling up difficulties. The News repeals that the London market will not be found unsympathetic when the situation is faced.

■Mr. Artlnir I'.'c, Labour member of tlie Senate, speaking at Port. Adelaide recently mid the question had often bepu asked whv Mr. Lang paid interest falling 'hie in America when he refused to pay interest to Britain. The explanation was simple. The Lang plan provided that, no interest falling due on or after April 1 fchcuihl be. paid until the bondholders had Agreed that the same terms should be Riven to Australia with regard to interest payments as America had given to Britain. The American interest was paid because it fell due before April 1, but, in future, any interest due in America would I'e treated by Mr. Lang in exactly tlio same way as any interest falling due in ony other oversea country