COLONIAL LOANS.

New Zealand Mail, Issue 1639, 29 July 1903, Page 56

COLONIAL LOANS.

A CHECK TO OOtNTTNU-O'Tj 3 BORROWING. COLLAPSE OF AUSTRALIAN CREDIT. LONDON, July 23. ‘“The Times" says that Queensland 3| per cent stock, due 1045, fell 31 to —on the appearance cf the new issue (£750,000), and Queensland three’s fell one-half —to 90£. The paper adds that the constant succession of new colonial and municipal issues is having a bad effect. There aro too many demands. A large proportion of the big Government issues of the last three years has not been permanently absorbed. The Exchange underwriters have decided not to underwrite for some time any colonial or corporation loans. “The Times” declares this is a wise decision, which might advantageously have been taken sooner. SYDNEY, July 24. The "Sydney Morning Herald,” commenting on the cable news in regard to the Queensland loan, says: ‘••When a modest loan for an important State like Queensland is received with such disfavour reason is afforded for grave consideration by the various Australian Treasurers, especially of New South Wales. This is all the more necessary as the unfavourable reception is given at a time of an easy money market, when investors are disposed to look for stocks of a character such as Australian securities once enjoyed.” The “Daily Telegraph” _ says: ‘The collapse of Australian credit in London has beeri rendered fax more severe by the dominance which socialistic legislation has secured, both in the state and federal Parliaments, and it is certainly held in London that the step now taken by the underwriters will serve as a CheCk ‘ LONDON. July 24. Six months’ interest on the Queensland loan is payable on January Ist next. Accrued interest amounts to five shillings and fourpen.ee. With underwritings and discounts for advance payments, the net price will be reduced to about 93§-.