AUSTRALIA'S DEBTS.

Dominion, Volume 1, Issue 192, 8 May 1908, Page 7

AUSTRALIA'S DEBTS.

FEDERAL SCHEME ■■ ■-■ N - STATES 'EXPECTED TO -SAY "NO." Br TELEGRAM—PItESS ASSOCIATION—COrYIIIOHI. ' j /'/J v Melbourne, ( May 7. ' ■ From ' the . cross-examination of f3ir.<! Dei-, kin at 'the Conference, + there; a'ppeari to bo little cha°nce ;of'' , ihe conference entertaining' the' ' Commonwealth proposals. . . : Mr. Deakin stated that ho would 'be pleased to consider any alternative schemo, brought forward, or to reconsider Ins own schema. ■ ■.■ ■ 5 NO DECISION YET (Rcc. May 8, 1.12 a.m.) , i Melbourne, May 7. Tha [Premiers' Conferenc-e discussed at length Mr: - Deakin's- financial . proposals. The speeches, wero generally opposed to accepting • them. : Tho debate was" adjourned without a.decisidn being arnved at. , ONE BORROWER, JNSTEAD OF SIX. ■ in- his first' address to 'the Premiers Confer-;' ence, Mr.; Deakin laid* most stress on: the proposal'that all futuro .-. should be, through, one 'agency (the Council of Finance). He .said that'the' mere prospect' of .the - Coinmoriwealth ' enteringthe' financial ' markets, , wherever they: ;might . be, a seventh borrower,' was riot going, to help anybody in Australia. On! the' contrary/;if"six borrowers 'were .bad, seven would be .worse." /Then'again', a .seventh borrower [coming into,the market.would find its. operations restricted by six/other .borrowers,, uho'.were irresponsible, had only their own necessities, or'desire's,, to,review. ''Tha.'London' market,..too,, had only a.few,defined, channels, and with a [series of borrowers ,from Australia they'were less than: ever able tostand up 'for themselves against tho overmastering authority of those iwho. had/control ,of those particular channels. He did not propose to ask them to review' inany way the conditions under; which b6rrowing was'likely to take place, but he put it forward, as a' proposition 1 not permitting of contradiction that the people of Australia had: everything to gain by having qnly one borrower, and everything to lose by the continuance of a number of competing borders.' The wealthiest'and,latest State-could' nbt' hope to get as good a price for its, loan as could be obtained for the whole of the six States and the Commonwealth 'united.- , . 1 ' ■« i >, ■