SHARP CRITICISM
AUSTRALIAN FINANCE
CONVERSION METHODS ASSAILED
DANGER FORESEEN
(United Press. Assn.— Telegrapn Copyright.)
London, June 18.
General uneasiness as to the future of the gilt-edged market, which many contend has already passed its zenith, caused the New Statesman to bitterly 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 the 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 fell the electors that long-term issues cannot be raised in London at a better rate than 4} per cent.; therefore they are taking refuge in shortterm issues and dealing piecemeal with the 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 be dearer and the seasons bad.
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Bibliographic details
Southland Times, Issue 22046, 20 June 1933, Page 5
Word Count
160SHARP CRITICISM Southland Times, Issue 22046, 20 June 1933, Page 5
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