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LÓND.ON BORROWING. ¿

THE failure of the recent Commonwealth Loan in London wher*»

, about 66 per cent, of, the issue is reported to have been left with ,the underwriters, should dispose for some time to come of the.idea of London, borrowing of fresh money. Contrasted with the response that has greeted London conversion , loans for-the Commonwealth, the result of the, last i loan appears to be that there js"a disinclination in the London market toi encourage Aus- tralian borrowing in London. It would appear that this disincli- nation has taken a form of anti-Australian propaganda. Investors have been advised against a one commodity country. Mr. Bruce has refuted 'the impression that Australia is a one commodity coun- try, and Mr. Menzies has impressed his London audiences with a broader view of Australia than any Australian spokesman since Mr.'Hughes electrified London with his speeches. Nevertheless, it is well that, Australia, should realise that there is an anti-Aus tralian set in the London money market. The marliet prejudices are far, from having any connection with politics or representing the British attitude to Australia, but are coVicerned with money power which must naturally resent the extent to which Australia has confounded every gloomy prediction fro>m the London markel and hüs hu.mt the fingers of markel manipulators on many many

occasions.

In Au.slral^, the failure of the London loan should not be regarded as any unhealthy sign. It is rather an advantage. li tells our politicians that they must reply upon the local markel, and to the-extent that the local market is unable to finance Aus- tralian schemes, we must tap other sources in Austarlia. More- over, it-should be realised that London loan figures are deceptive. Wehhye borrowed £7.000,000 in Lo.ndon, but the Australian debt ha,«,beenjinpreased. thereby by £8,730,000.

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