LOAN FOR AUSTRALIA.

Waikato Times, Volume 113, Issue 18947, 17 May 1933, Page 7

LOAN FOR AUSTRALIA.

CONVERSION PROPOSAL,

TIME NOT OPPORTUNE,

MR S. M. BRUCE’S REPORT,

United Press Assn.—Elec. Tel. Copyright

MELBOURNE, May 16. |

It Is understood that Mr S. M,; Eruce, Australian Minister in London, who reoently reported favourably on the prospects for the further oonver-; sion of a large proportion, cf Australia’'S overseas loans, has now intimated that the position has completely, changed in the past few days. This, he says, is due tc the unsettled conditions in Europe, the possible failure of the Disarmament Conference and other disturbing faotors. A message from London says the Financial Times declares that the ban on new issues Is not blocking the way to the Australian conversion scheme. The sole reason for the delay in producing the scheme is the present position on the gilt-edged market. Recent European developments havo created such nervousness that it is felt the time Is not opportune for any major operation. Australia must have a propitious investment market for he? ■scheme to succeed. j CANBERRA, May 16. !'

The Commonwealth Government announces , that tile Loan .Council lias o g-eed to the flotation of a new internal loan- for public works or £5,000,000 at 3} per cent, at par, redeemable in 1942.