NEW £4,750,000 LOAN
AUSTRALIAN ..ISSUE PUBLIC WORKS PROGRAMME HIGHER EFFECTIVE" YIELD ... (Received May 26, 12.45 a.m.) CANBERRA, May 25 The balance of the public works programme of the Australian Governments for 1938-39 will be financed by a £4,750,000 loan. The issue of Treasury bills for £3,000,000 by the Common- "• wealth Bank will meet the lag in revenue of the four State Governments which are facing deficits. It is anticipated that this liberality by the Commonwealth Bank in granting virtually an expansion of credit will have a steadying influence on interest rates. The new £4,750,000 loan, which was announced to-night by the Prime Minister, will have a-slightly higher effective interest rate compared with Commonwealth loans of recent years. It will be issued at a discount' of 1 per cent, bearing interest at £3 17s 6d per cent, and will give an annual effective yield of £3 19s 2d per cent.
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Bibliographic details
New Zealand Herald, Volume LXXVI, Issue 23356, 26 May 1939, Page 13
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149NEW £4,750,000 LOAN New Zealand Herald, Volume LXXVI, Issue 23356, 26 May 1939, Page 13
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