AUSTRALIA'S RECOVERY.
The great success of these operations has been due to four main causes. The first and perhaps the most important has been the cheapness of money, which has driven British Government and all kindred securities to a very high level. The second factor, however, has been the triumphant manner in which Australia emerged from her severe financial crisis. The third factor has been the great improvement which has taken place during the last eighteen months in the financial and economic position of Australia, _while the fourth factor has been the considerable skill displayed by Mr. Bruce, the High Commissioner of Australia in London, and his financial advisers in everything pertaining to these conversion opera- tions. It ought, perhaps, also to be added that the flota- tions, in common with other issues of trustee stocks, have been greatly helped by the restrictions placed upon the measure and character of loan flotations.
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