CONVERSION OF AMERICAN LOANS

Otago Daily Times, Issue 22285, 11 June 1934, Page 7

CONVERSION OF AMERICAN LOANS

PURELY ACADEMIC QUESTION MK BRUCE ON TARIFF BILL. NEW YORK, June S. Having instanced during his address the part played in Australia’s efforts to recoup' her position during the depression, by the conversion of London and Australian obligations to a lower rate of interest, the Australian Press Association asked Mr Bruce what he had found to be the sentiments of the New York market with regard to similar conversions there. He said the position was very much different in that relatively fewer issues floated in America were likely to be called up before they were due. The fact that due dates were still a long way off made the question of conversion a wholly academic one for some time to come. He said he had had little or no opportunity of discussing trade questions in Washington. It w'as true that the Tariff Bill, giving the President reciprocal tariff powers, had been passed, but the whole thing was still in the melting pot. It was impossible to determine whether these reciprocal arrangements would be with individual nations, with groups, or with- the whole world. Mr Bruce stressed the fact that where America's balance with Australia was in the former’s favour it could be expected that Australia would be in a surer position in the matter of negotiations.

Mr Bruce will sail for London tonight.