“PILING UP TROUBLE”
AUSTRALIAN CONVERSION GOVERNMENT’S METHODS ATTACKED. LONDON, June 18. General uneasiness as to the future of the gilt-edged market, which many contend has already passed its zenith, has caused the New Statesman bitterly to attack the Australian Government It declares: “Mr Lyons may be telling Australia that the conversion has been wonderfully successful. Actually he should confess defeat, and warn ihe people of the financial dangers ahead. It is criminal that Australia is not converting her debt into lower interest'longterm issues. Australian statesmen dare not tell the electors that long-term issues cannot be raised in London at a better rate than 4J per cent,, therefore they are taking refuge in short-term _ issues, and dealing piecemeal with high interest loans, which for Australia’s good should immediately be converted at the best rate available. The authorities are merely piling up trouble five years hence, when money may bo dearer and the seasons bad.”
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Bibliographic details
Otago Daily Times, Issue 21984, 20 June 1933, Page 7
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153“PILING UP TROUBLE” Otago Daily Times, Issue 21984, 20 June 1933, Page 7
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