FLOATING DEBT.

Auckland Star, Volume LXII, Issue 15, 19 January 1932, Page 7

FLOATING DEBT.

LYONS PERTURBED.

AUSTRALIA'S PROBLEM

International Action Needed To Effect Improvement.

APPEAL TO COMMUNITY.

(United r.A.-Electric Tclegrapn—Copyright)

(Received 11.30 n.m.)

SYDNEY, this day,

The Prime Minister, Mr. J- A' Lyons, in acknowledging a civic welcome at Sydney, appealed to the community and to every section of political thought to help in getting men off! the dole and into profitable employment where they would become an asset instead of a liability. Mr. Lyons went on to allude to the disturbing position in regard to the floating debt. He said that in June, 1929, the floating debt in Australia and London was £55,000,000. In December, 1931, it was £78,820,000, and it looked as though it would be £85,000,000 next June. The people must not tie deceived by the apparent improvement in the general situation. There were forces outside Australia which would seriously affect Australia's position, and unless some settlement of international difficulties was reached the economic position could not improve. Australian banks were carrying the Governments on until the end of February, but there was no provision after that. The Australian Governments as a whole wanted £8,500,000 for public works. That was one of the chief problems the Loan Council would have to face at the end of this month. Incubus of Lang Government. Mr. Lyons added that the Federal deficit would not be more than £1,000,000 in view of the savings made under the Hoover reparations moratorium. "We look forward to the time when this unfortunate, tragic Government of yours will have.to go to the people of New South Wales," he said. "The task of the Federal Government would be utterly hopeless did we not expect that somewhere in the near future you will remove this incubus from. New South Wales."