AUSTRALIAN BORROWING.

Dominion, Volume 4, Issue 1153, 14 June 1911, Page 7

AUSTRALIAN BORROWING.

» LARGE LOCAL HOLDING. By Teleeraph— Press Association—Copyright Sydney, June 13. Mr. Carmichael, assistant State Treasurer, has announced that one-third of the State's total indebtedness is held locally. Tho local sale of stock keeps up to an unusual degree, and probably thero will be no need to trouble the London money market during the present financial year. Mr. Carmichael added that there would also be many applications ' from other States.

The public debt of New South Wales is given by the latest year books as <£92,525,095, equal to <£5G 6s. Id. per head. Of the total sum 72.58 per cent. (.£07,151,805) was floated in London, 27.42 per cent. (,£25,370,290) was obtained in Australia. The loan expenditure of New South Wales for the year 1909-10 was <£3,2,16,646. The annual amount of borrowed money spent in the State declined continuously from £4,939,329 in 1901-2 to <£1,058,553 in 1006-7, but rose again in 1907-8 to £1,965,329, in 1908-9 to JE2,90G,507, and increased once more in tho following year.

In the course of the last nine years the London indebtedness of the Australian States has increased by ,£17,162,102, lvliilo tho amount of loan money obtained locally by tho State Governments has increased by no less than .£36,9-13,286. In other words, states Mr. Knibbs, the Commonwealth Statistician, whilst on Juno 30, 1901, tho Australian portion of tho debt represented only about It per cent, of tho total, tho proportion had on Juno 30, 1910, grown to 25 per cent.