Australian Loan

Surprise was evinced in some circles that Australia contemplated raising a loan of $100,000,000 through the House of Morgan at Manhattan. This is the first time that the Commonwealth of Australia has proposed to borrow from the U. S.

In "the City," London's financial district, opinions were divided. Some thought the move perfectly natural, as the London market was heavily depressed by industrial insecurity, slack trade, swamped by War loans and made expensive for borrowers by the recent return to a gold standard. Others naturally could not bear to see the U. S. taking the place of banker to the British Commonwealth of Nations. Neither was Australian opinion unanimously behind the move.