GENERAL UNEASINESS.

Evening Post, Volume CVIII, Issue 118, 14 November 1929, Page 12

GENERAL UNEASINESS.

i But in Australia much uneasiness in financial circles followed an announcement l>7 Mr. Mackin, nominated for the Speakeriship, to the effect that the "present Government proposed to make greater use of :ihe note issue which would be backed by &he national credit." The "Sydney MornIng Herald" has pointed out that a large Section of the Labour Party believes that an increase of the note issue would end ithany financial troubles.

Z This statement of Mr. Mackin's whether justified by information he possessed or -Saab .has had a disquieting effect on the Australian investment market. The new 3seasnrer (Mr. Theodore) estimates that he -will need £2,000,000 additional revenue -Jo. balance his Budget. Dr. Page, his suc:cesfior, in commenting on Mr. Theodore's ;jestimate is reported to have said that it *m hard to see what were the avenues •from which the new Federal Government ;Jwould obtain increased revenue. The position to-day was exactly as he had stated it to be before the elections, economically and financially, and people would have ■£0 learn to spend less and earn more, both and as a nation. There was ■bo escape from this. position. ,~ In such circumstances as are outlined 'jabove it. is not difficult to account for the ■want of confidence on the part of investors in Australia and its reflection in the values of shares, to say: nothing of inevitable in■ereasEß in already heavy taxation.