TERMS ANNOUNCED

Southland Times, Issue 20999, 4 February 1930, Page 7

TERMS ANNOUNCED

COMMONWEALTH LOAN INTEREST AT SIX PER CENT CURRENCY OF SEVEN YEARS (United Press Assn.—By Telegraph—Copyright.) Sydney, February 3. The Commonwealth Government has announced the terms of the conversion loan for £10,600,000, which is falling due on March 15. The terms are 6 per cent, at par, with a currency of seven years. The National Debt Commission will provide out of the sinking fund £1,100,000, leaving £9,500,000 to be provided for. Holders of the 6 per cent, loan of £60,000,000 maturing on December 15 next will also have an opportunity to convert. A SERIOUS POSITION DRASTIC RETRENCHMENT HINTED AT Sydney, February 3. A conference was held during the weekend between the Prime Minister, Mr Scullin, the Federal Treasurer, Mr Theodore, the State Premier, Mr Bavin, and the State Treasurer, Mr Stevens, concerning the grave financial position of New South Wales, due largely to the prolonged disastrous coal dispute and the serious decline in wool prices. The discussions were held in private. Mr Bavin stated afterwards that the State’s difficulty was in obtaining loan money for the continuance of public works. If money for this purpose could not .be obtained drastic retrenchment would have to be considered. Finality, however, had not been reached. The Prime Minister had emphasized the desirability of finding a settlement of the coal dispute as an incentive to investment in loan issues and the restoration of confidence in Australia. Mr Scullin described the whole problem of obtaining finance for all States as very serious. The conference was not concluded. HOPEFUL VIEW AUSTRALIA’S FINANCES. MR SCULLIN OPTIMISTIC. (Rec. 9.30 p.m.) Sydney. February 3. The Prime Minister and Mr Bavin had a further talk to-day- over the financial position. Mr Scullin later made a statement that while the position of the Commonwealth as a whole was admittedly difficult, it would not be improved by undue pessimism. He had absolute confidence in the resources of Australia and its powers of recuperation. Therefore, he counselled the community not to view the outlook through dark glasses. CUSTOMS RECEIPTS A DROP IN EVERY STATE. Canberra, February 3. The Customs receipts- fell off in every State of the Commonwealth last, month. The total, £3,371,000, was more than £250,000 less than January of 1929. The collections for the past seven months, however, amounting to £26,486,000. show an increase of £1,879,000 on a similar period of the preceding year.