AUSTRALIAN FINANCE.

Auckland Star, Volume XXXV, Issue 37, 12 February 1904, Page 8

AUSTRALIAN FINANCE.

TREASURERS' CONFERENCE. (By Cable.—Press Association.—Copynsut.) STATE DEBTS. MELBOUE-SE, February 11. Alter twelve hours' continuous discussion, the Treasurers' Coniereni-c adopted a series of resolutions. In effect the Treasurer? agTee with. Sir G. Xurnpr that the State debts should be taken | over by the Common wealth completely. | but on these condition; —That the Brad- j don clause continue in force in perpet- ; uity. and ihat where the revenue of any | State in the ha7?d? of the Commonwealth Treasurer is insufficient to cover the annual charge, the State snail guarantee the amount required, but "without any assignment of railway revenues. The State Treasurers are also prepared to recommend the adoption of a sinking innd of hatf per cent.. 10 gradually accrue a= conversions of debt are effected. That Is entiling down Sir G. Turners proposal by one-half. With regard to raising new iloan=. any State may apply to the Commonwealth to raise a loan icr Its -use, but, if necpssary, the Commonwealth may reduce the amount to a proportion measured by the adult population. Mr Waddell (N>w South Wa!»s) di-spnted for the reason that he considered it better to wait until they nod more experience rs to the working ot the Commonwealth finances and had some indications as to what its credit in London wouM be. With respect to the transformed properties, a resolution was arrived at to the effect that they shonld be paid for in three and a-half peV cent. pTovprnment bonds, maturing on October S. 1906. and ear-marked as'onlv being available ior. repayment of State debts.