CREDIT SOUND

Stratford Evening Post, Volume IV, Issue 224, 2 September 1936, Page 5

CREDIT SOUND

AUSTRALIA’S POSITION Time Not Propitious For Currency Refund, MR. STEPHENS IN AMERICA. Press Association —Copyright. New York, Aug. 31. After a final consultation with the underwriting groups to-day, Mr. B. S. B. Stevens, Premier of New South Wales, indicated to the A /stralian Associated Press that while he found the groups very receptive regarding the refunding of callable New South Wales dollar issues he believed the time was not yet propitious for such an undertaking mainly because.of the impending Presidential campaign and the fact that the New York market was unfamiliar with the extraordinary recovery in Australia and the extreme soundness of her credit position. New interest rates obtainable at the present time were unquestionably lower than the old, Mr. Stevens said. It seemed indicated that better rates could be obtained in the not very distant future in view of the low rates obtained at London and the likelihood of lower rates at New York shortly. The Premier felt that negotiations could temporary be left in the abeyance while efforts were made Ip disseminate among the American bond purchasing public an accurate publicity regarding Australia’s position as an excellent credit risk.