DUCKHAM REPORT

Dominion, Volume 22, Issue 92, 12 January 1929, Page 9

DUCKHAM REPORT

AUSTRALIAN FINANCE AND DEVELOPMENT COMMENTS IN LONDON TONE APPROVED IN FINANCIAL CIRCLES (United Press Association.- By Electric Telegraph.—Copyright.) (Australian Press Association.) London, January 10. Financial circles generally approve of the tone ofthe Duckham Report, concerning Australian finance and development. It is regarded as fair and businesslike, but important men . are disinclined to comment on the brief cabled summary, preferring to wait till they have seen the full report. One or two point out that much of the cabled summary seems obvious. They express gratification that the mission, after personal experience in Australia, endorse' the opinions frequently expressed here regarding borrowing and expenditure, and the costs of production. The report reveals little that is not known here.

Mr. Ben Tillett, the Labour leader, said that he was loath to comment, as Labour, was not invited to co-operate. The report was obviously materialistic in tone. If Labour had been invited to participate in the Inquiry, it would have looked at the matter from more angles than the mere materialistic. “The “Morning Post” says editorially: “Whether or no Australia accepts the advice offered, we are confident that some of the best brains of the Commonwealth are in cordial agreement with the Commission, which mostly deprecates- ill-considered developments, into which politicians rush, not only in Australia, but elsewhere, without inquiring whether it will pay in money, but whether it will pay in votes. Hence, the large stable'of ‘white elephants’ which would have ruined a country with less natural wealth than Australia. England cannot afford to blame Australia for her economic policy of high, protection, since she forced the'policy upon her by abolishing the old and wise preferential system we are now labouring to restore. Australia, with no single industrial centre, has a very -widely scattered population, and is ill-suited to that sort of development, but if England wants her to modify her policy, she must offer something substantial in return. As far as railways are concerned, it would be foolish to build more until uniformity is reached. One gauge and less politics are the chief needs of Australia,”

FRANK AND FRIENDLY DOCUMENT

LONDON “TIMES” OPINION

(Australian Press Association.) (Rec. January 11, 8.35 p.m.) London, January 11. “The Times” describes the report as

“a frank and friendly document, which will help the business communities of both countries to get a true perspective. The report, as might be expected, contains a good many criticisms of Australian economic activities, but these are animated by a spirit of impartial insight. Most, if not all, already been formulated by more far-sighted economic thinkers in Australia.” The editorial regards as the most important section that dealing with the loan policy, “which has given rise to much anxiety both in Australia and here.” “On the fundamental question of the soundness of the financial position the report is less pessimistic than some opinions' lately expressed. These conclusions will be welcomed by the British investor, who recently was somewhat reserved in his attitude towards Australian issues.” In reviews of other sections on tariffs and immigration, “The Times” expresses the opinion that “probably few intimately acquainted with Australian conditions as a whole feel inclined to disagree with the conclusions. Strict canons of parsimony and retrenchment are no doubt less important to a young country which can sometimes perhaps afford a scale of expenditure disastrous to an old country. At'the same time there can be little doubt that the reekdess borrowing of recent years has not improved Australian credit The same is true of the recent tariff policy. The volume of production is not diminishing, but is not expanding as rapidly as it should under a wiser and more discriminating fiscal system. Fortunately the facts are becoming known, and Australia has begun herself to set her house in order. The report should assist her.”