AUSTRALIAN FINANCES

Wanganui Chronicle, Volume 73, Issue 428, 20 November 1930, Page 7

AUSTRALIAN FINANCES

NOTE INFLATION DANGER. EFFECT CANNOT BE FORESEEN. SYDNEY, Nov. 19. The disastrous effects of note inflation on thrift was represented by a Life Insurance Company. It is stressed by the directors of the Australia:; Provincial Assurance Association, .n its annual report, which, states that if the Federal Labour caucus attains its objective of note inflation it is almost impossible to visualise the position of life insurance companies, who hold a greater percentage of their funds in Commonwealth stock. CONVERSION LOAN. BAN KERS’ CONFERENCE. MELBOURNE, Nov. 19. At the conclusion of the Bankers’ Conference, Sir Robert Gibson said that the conference was unanimous that the best way for the people Australia to vindicate the honour of the nation was to make the £28,000,000 loan a huge success. Failure to achieve successfully the conversion of the loan necessarily will bring about a national default, and would inevitably play into the hands of those who desire to bring about the destruction of the whole fin ancial fabric of this country. So far as the banks were concerned, they would do all that can be done, compatible with sound finance and the general interest.

WILL PULL THROUGH LORD STONEHAVEN OPTIMISTIC Received Nov. 19, 7,10 p m. OTTAWA, Nov. 18. Lord Stonehaven stated that the Australian financial situation presented great difficulties, but he firmly believed that the country would pull through since Australians are the type of people who never let their country down, Lord Stonehaven added. He saw great possibilities for the development of tradewith Canada, and confirmed Mr Scullin’s assurance that Australia would not repudiate her debts. AUSTRALIAN STOCKS FIRM. Received Nov 19, 8.30 p.m. LONDON, Nov. 18. Australian stocks arc firm and occasionally slightly dearer.