CONTROL OF LOANS
WHY N.S.W. GOES ALONE
STATEMENT BY MR. LANG.
(DSRII Mill ASSOCIATION—COHMtIt.)
! (Received 10th August, 11 a.m.)
SYDNEY, This Day.
:'■ As the result of a conference between Mr, Lang and Dr. Page, Mr. Lang announced the reasons of the New South Wales Government for withdrawing from the Loan Council. They were: That, by joining it, he said. New South Wales would probably have been placed in the position of not obtaining the amount required each year for financing public works.' Any limitation placed by the Loan Council on borrowings would considerably hamper the Treasurer and seriously affect the State Government's developmental policy, much to the detriment o£ New South Wales; and that in order to finance largo operations in New South Wales, the Treasurer must be armed with absolute freedom in raising loans. Mr. Lang says that the only favourable reason for placing the management of loan business under the control of the Loan Council was to avoid competition, by the States. This advantage, was outweighed by the above reasons.
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Bibliographic details
Evening Post, Volume CX, Issue 35, 10 August 1925, Page 7
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172CONTROL OF LOANS Evening Post, Volume CX, Issue 35, 10 August 1925, Page 7
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