AUSTRALIA'S DEBT.

Auckland Star, Volume LXIX, Issue 138, 14 June 1938, Page 9

AUSTRALIA'S DEBT.

DOUBLED SINCE THE WAR.

£674,000,000 HELD. INTERNALLY. (From Our Own Correspondent.) -CANBERRA, June 8. Since the -war, during which Australia borrowed £350,000,000, including £.103,000,000 overseas, the national debt has nearly doubled. In 1902 the total debt was £221,000,000] last year /it was £1,203,000,000. After allowing for redemptions, the overseas „ debt has increased since 1902 -by £407,000,000. '

The total internal debt on June 30 last was £674,509,GG1. On December 31, 193G, bondholders' who have invested in the internal debt comprised: Public generally, £275.710,000; Commonwealth ißank, £27,470,000; trading banks, £20,200,000; Savings Banks,£l2o,Gso.ooo; instance companies, £01,980,000; -trustee companies, £38,320,000; superannuation funds, £15,020,000; government trust funds, £20,200,000; other bodies, £1,400,600; unclassified holdings, £25,090,000.

In the year ended June 30 last, inter*est paid on internal holdings was £24,010,000. The amount of internal loans exempt from Federal and State taxation on that date was £43,517,000.

Since 1929, Australia has financed herself without going upon the London market. Last month the Government, amidst considerable public objection, borrowed £7,000,000 in ' London, but £5,000,000 was for funding short term Treasury bills held in London;.