AUSTRALIAN FINANCE.
BANK AND LOAN COUNCIL AT ODDS. OVER INTERNAL FLOTATION. CANBERRA, May 19.. The Australian Loan Council has requested the Commonwealth Bank Board to underwrite an internal loan of £10,000,000 to be floated immediately to meet the requirements of the Commonwealth and State Governments in the early months of the coming financial year. The board, after considering the Loan Council’s request, offered to underwrite a loan of £9,000,000. The Loan Council then decided to repeat its request for a £10,000,000' loan. Although the details of the estimated deficits of the State -Governments at the end of the current financial year which have been placed before the Loan Council have not yet been made public, it is believed that the figures will show the deficits to be as follows:—New South Wales, £1,750,000'; Victoria, £300,000; Queensland, £1,150,000; Tasmania, £222,000. South Australia anticipates a balanced Budget, and Western Australia a surplus of between £50,000 and £lOO,000, and the Commonwealth Government a surplus of not less than £4,000,000.
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Bibliographic details
Wairarapa Age, 20 May 1936, Page 5
Word Count
165AUSTRALIAN FINANCE. Wairarapa Age, 20 May 1936, Page 5
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