AUSTRALIAN FINANCE

Evening Star, Issue 18533, 16 January 1924, Page 5

AUSTRALIAN FINANCE

STATE TREASURER’S WARNING.

Press Telegraph—Copyright Australian and N.Z. Press Association.

SYDNEY, January 15. The State Treasurer (Sir Arthur Cods), replying to a deputation which asked for the expenditure of more money to prevent the dismissal of a number of Harbor Tiusl employees, issued a warning that New South Wales was nearing the limit of borrowing and could not keep on without seeing the spectre in front of them that they would not be able to meet their obligations. He also condemned the policy of the Government in employing too large a section of the community, as a result of which there was insufficient encouragement for private enterprise. This would lead to disaster. He intimated that the State Government would have to borrow at the rate of £3,000,000 a month this year, and the Commonwealth was also floating a loan of £20.000,000. Following are the amounts of the public _debt of the Commonwealth and of the various State-s at Juno 30, 1923:

The public debt of New Zealand at March 51, 1923, was £218,955,324. At that date there were accumulated sinking funds against the debt of £11,879,257. BANK NOTE ISSUE. MELBOURNE, January 16. {Received January 16, at 11.30 a.m.) The Federal Treasury has decided not to adopt tho suggestion to increase the bank note issue in order to meet the large sums required to finance tho wheat and wool. Experts consider that tho present issue is sufficient to meet any contigency that may arise.

Commonwealth ... ... £410.996,316 Now South Wales 187,879,491 Victoria ... ... 118,562,029 Queensland 88,005X01 South Australia 66,399,499 Western Australia ... 58,943,677 Tasmania 22,439,176 Australia ... £953,225,189