AUSTRALIA'S FINANCE.
• CHECKING INFLATION. BANKS CUT OVERDRAWS. HEAVY LOAN COMMITMENTS. (By Telegraph.—Press WELLINGTON, this day. Sir Harold Beauchamp, who has just returned from Australia, says he had hearc. several times Of financial . difficulties with which Australia was confronted, but had no idea they were so serious or such a source of embarrassment to traders and financial institutions. The crisis is due to the determination of the Note Issue Board to do all in its power to stop the inflation which has been going on for some years past. This inflation is due to the various Governments embarking upon all kinds of schemes involving large sums, the employers paying high wages combined with less efficiency, the enhancement of land values, both in town and country* and reckless extravagance of all classes of the community. It is now time to call a halt. In the six years coming £450,000,000 of loans mature and have to be provided for, which will tax the brains of Ministers to the full extent. The bankers are cutting overdrafts right and left.
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Auckland Star, Volume 55, Issue 95, 22 April 1924, Page 4
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175AUSTRALIA'S FINANCE. Auckland Star, Volume 55, Issue 95, 22 April 1924, Page 4
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