AUSTRALIA: Lang's Second Default

Insolvency, lapping Australia's fiscal shores like a rising tide, washed up two more messes last week amid the flotsam already strewn by repudiating Premier John Thomas Lang of New South Wales (TIME, April 6, 13).

Mess No. 1: Repudiation by Mr. Lang last week of interest on another set of N. S. W. bonds, this time defaulting interest due in the U. S. as well as Great Britain. As he has done before, Prime Minister James Henry Scullin of all Australia announced that the Commonwealth will make good...

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