Finance—Public & Private
Repudiation Repudiated
Tr is with some reluctance that I am returning to-day to the subject of Australian finance, for I have quite recently dealt at some length with the Australian crisis in these columns. The developments of the past week, however, have been too remarkable to pass over in silence. .0n the 26th of last month it fell to the lot of the Commonwealth Premier to announce in the House of Assembly that the Premier of New South Wales had declared his intention not to remit to the bankers in London the amount required to meet the interest on New South Wales Bonds falling due on April 1st. As a consequence of this announcement all Australian Loans fell in almost panicky fashion to a level wholly unworthy of Empire securities coming within the hounds of the trustee list.
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