LATER.

Gisborne Standard and Cook County Gazette, Volume II, Issue 258, 9 February 1889, Page 3

LATER.

SOUTH AUSTRALIAN PARSIMONY CONDEMNED.

London, Feb. 8. At an interview which took place between the brokers and bankers in reference to the South Australian lean, the audacity of Adelaide in attempting to emulate Victoria was strongly commented on. It was famous on the part of the Hon E. Play ford, the Premier of South Australia, to override the advice of the Agent-Generaland bankers in fixing the minimum. The parsimony of Adelaide in trying to get cheap money without the assistance of the Banks was condemned. New South Wales had secured the guarantee of the Bank of England, which made the failure of a loan impossible. While South Australian stock was unpopular it was necessary that the brokers should have a margin of one per cent, to ensure their co-operation. The colony’s bankers will subscribe the balance and unload the loan gradually. It is intended to allot the present tenderers their full amounts applied for. The Times, writing of the South Australian loan, says it was foreseen by exports that it would be a failure. The colony was over confident in relying on the demand for colonial stocks. It is evident that colonial Governments think they can dispense with the syndicates which on former occasions frequently averted fiascos whoa loans were placed in the market,