Premier See's Success

Southland Times, Issue 19001, 21 March 1903, Page 3

Premier See's Success

WHAT LONDON THINKS OF IT.

N.S..W. PRESS OPINION

By Electric Telegraph— Copyrigh t Per United Press Association.

LONDON, Mar. 19

Following the placing of the Treasury bills New. South Wales 3£'s are quoted at 98 and 3's at 88 as against 100 and 89 respectively last week.

SYDNEY, March 20

I The Herald says incidents connected'with the flotation of the Treasury bills all point . to, the disfavour with whicliL they have been received in London. The smallness of the amount is still more, unsatisfactory,

because of the uneasiness it must awaken as to what may be expected when application is made for the £2,400,000 of the authorised loan remaining.

The Daily Telegraph, referring to Premier See's declaration that the

placing of Treasury bills, is a reply to calamity-howlers, says borrowing money on such usurious terms is itself a sort of calamity, and has to be deplored. If the credit of the State is in any danger, it is surely from uncanny jubilation over the raising of money on the London market at such a price. The same people lend to Canada at a little over half the rate paid, but a long-dated N.S. 'Wales 'loan would not be taken up at any price even the present Government, with all its recklessness, would dare to offer. The position is one of humiliation for the State, which eyecy fresh issue of bills tends to aggravate.

BRISBANE, March 20. Half a million's worthy of Treasury bills have been placed.