HEAVY BORROWING
Australian Problem
TO FINANCE BIG DEFENCE PROGRAMME.
SYDNEY, November 30.
The “Herald’s” Canberra correspondent says that the problem of finding money to finance the expanding defence programme is causing the Federal Cabinet increasing concern. Most of the Ministers" are now reconciled to the fact that heavy borrowing will have to be undertaken, to finance next year’s programme, and it is even likely that borrowing on the London mar-ket-will be resumed.
Salient features of the new programme, it is understood, will be the provision of a line of batteries of high powered long-rangq coastal guns, along the east coast, and the creation of a military force and an Air Force strong enough to deal with' any land-ing-'force: 1 ", ‘ ’ ■ - - The Minister of Defence (Mr Street), detailing defence expansion, in the House of Representatives, stated that plans had been made to prepare merchant vessels on the Australian register, for r the ‘mounting of defensive armament.
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Grey River Argus, 1 December 1938, Page 7
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154HEAVY BORROWING Grey River Argus, 1 December 1938, Page 7
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