4 APRIL 1931, Page 34

Finance—Public and Private (Continued from page 561.) HOPEFUL VIEW.

It is scarcely surprising, "therefore, in view of these undertakings by the Commonwealth Government, that the City should still be assuming that the New South Wales interest will be paid on April 1st. Indeed, there would be no doubt at all on the matter were it not for the somewhat ambiguous language of Mr. Scullin when he stated that " the issues raised by the action of the New South Wales State Government involve important questions of law and policy in relation to the rights as well as the obligations of the Commonwealth." Presu- mably, however, these obligations are of an internal character connected with the various States and are not concerned with the safety of the bondholders' interest.