AUSTRALIA’S NEW BORROWING.

Timaru Herald, Volume CXXV, 17 July 1930, Page 9

AUSTRALIA’S NEW BORROWING.

Higher Rates In London. TREASURY BILLS ISSUED. United Press Association—By Electric Telegraph—Copyright (Received July 16, 9.30 p.m.) LONDON, July 15. Commonwealth Bills amounting to £5,000,000 dated July 18, and maturing on December 13, were placed privately in London at 4 per cent, discount. Subsequent transactions were at 33 per cent. The “Daily News” and “Chronicle” express the opinion that whether this forecasts long term borrowing, remains to be seen, but the terms are fairly stiff, the current rate of British treasury bills being 2 5-16 per cent, discount and the bank rates 2g per cent. The operation places a large sum at Australia’s disposal, and ic follows the announcement of the calling of a conference to discuss the pooling of the funds of the Australian banks held in London, and giving the Commonwealth Government first call thereon VISIT OF BANKING EXPERT. INVITATION TO NEW ZEALAND SUGGESTED. United Press Association—By Electric Telegraph—Copyright (Received July 16, 7.30 p.m.) LONDON, July 15. At a meeting of the National Bank of New Zealand, the Hon. W. Pember Reeves who presided, suggested the New Zealand Government could advantageously invite Sir Otto Niemeyer to visit New Zealand. NEW BUDGET PROPOSALS. CHALLENGED BY OPPOSITION. United Press Association—By Electric Telegraph—Copyright CANBERRA, July 16. The Opposition made its first definite move against the Budget proposals to-day when Mr Latham (Leader) announced that he intends to move for the reconsideration of the estimates for the purpose of reducing expenditure by about £4,000,000 including the salaries of Ministers and members.