Business: Australian Credit

The largest piece of foreign financing in immediate prospect is another Australian Government loan, for a sum not yet announced by J. P. Morgan & Co., Australia's bankers, but reported to be between $50,000,000 and $75,000,000. The bonds, which will be the eleventh Australian issue brought out in the U. S. market, will bear 5% interest and will be sold in the neighborhood of 98.

Distance does not lend enchantment to bonds, for Canadian and Newfoundland issues of comparable intrinsic merit sell higher. U. S. bankers, it is true,...