Image TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage Tile
Image size: 6656x9216 Scale: 35% - PanoJS3
Page overview thumbnail

Article text

COST OF BORROWING
South Australia's Expenses
HUGE SUMS SPENT
According- to Dr. Crane's philosophy
man must pay for everything, whether
he wishes to or not. Even a gift is paid
I for in some way. And. as for borrow
ing, on the authority of the Auditor
General's z*eport, presented to Parlia
ment this week, it is a very expensive
business.
Expenses of the £2.000.000 loan raised
in London by the South Australian Go
vernment last February are stated in
the report to be: —
Underwriting commission .. ..£lf-.n-w»
Underwriting brokerage ? 5.000
Commonwealth Bank ? - .. 5,000
Brokers' commission ? 4.4*uj
Advertising ? 70fi
Stamp duty ? 1,215
Printing ? 97
Discount ? 20,380
Telegrams ? 14
Professional charges ? 5
More commission ? 1,322
Total ? £53,179
To borrow £1,009,000 in Adelaide in
March was proportionately even more
expensive, when discount is included.
The costs were: —
To Commonwealth Bank —
Brokerage ? £1,963
Commission ? 2,595
Exchange ? 270
Advertising ? 226
Printing ? l
Postage and carting ... IS
Other expenses —
Printing ? 7
Commission ? 100
Total ? £5.181
Discount ? j. .. 31,138
£36,319
Altogether the State has spent
£369.036 during the last three years in
raising loans.
$