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QUEENSLAND.
BRISBANE, July 29.
The Premier has received a cablegram
from the Agent-General stating that the
Queensland loan of three-quarters of a million
had been floated at £96. The amount
was not fully subscribed, 70 per cent, being
taken up by the underwriters. The Agent
General considers that, in view of the tight-
ness of the London money market, the-Go«
vernment was fortunate in getting the loan
off. Previous advices suggested that the
price would be £95, and hinted in unmistakable
terms that it will be impossible for
any other State to approach the London
money market with success for some time
to come.
Speaking to-day on the question of the
Queensland loan just floated, Mr. Cribb said,
while not describing it as a success, it could
not, in view of the state of the market in
London, be called a failure. Money in England
was now undoubtedly harder. Asked
what he considered were the factors affect-
ing the flotation of the loan, Mr. Cribb
said the drought and the consequent enormous
losses of stock, the persistent attacks
by a section of the press on Australian
finances, and Commonwealth legislation,
had all combined to prejudice the British
investor against Australian State loans. The
price realised AAras £96. Interest was payable
from July 1. The expenses amounted
to about £2 10/ per cent. He predicted
that any other States desiring to borrow at
the present time would find it a very difficult
undertaking.
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