AUSTRALIAN DEBTS IN AMERICA

Timaru Herald, Volume CXLII, Issue 20512, 2 September 1936, Page 7

AUSTRALIAN DEBTS IN AMERICA

CONVERSION ISSUE NOT FAVOURED TWO REASONS FOR BAD RECEPTION United Press Association—By Electrio Telegraph—Copyright (Received September 1, 9.25 p.m.) NEW YORK, August 31. The Premier of New South Wales (Mr Stevens) after a final consultation with the underwriting groups today, indicated to the Australian Associated Press that while, he found them very receptive regarding the refunding of callable New South Wales dollar Issues, he believed the time was not yet propitious for such an undertaking, principally for two reasons, namely the impending Presidential campaign and the fact that the New York market was unfamiliar with the extraordinary recovery of Australia and the extreme soundness of her credit position. The new interest rates obtainable at the present time are unquestionably lower than the old and it seemed indicated that better rates could be obtained in the not too distant future, in view of the low rates obtained in London and the likelihood of lower rates in New York shortly. The Premier felt that negotiations could be temporarily left in abeyance, while efforts are being made to disseminate among American bond-pur-chasing public, accurate publicity regarding Australia’s position as an excellent credit risk.