AUSTRALIAN FINANCE.

Manawatu Standard, Volume XLVI, Issue 174, 24 June 1926, Page 10

AUSTRALIAN FINANCE.

MR BRUCE’S PLANS. TROUBLE LIKELY. MELBOURNE. June 9. ' There are indications that the proposals of the Federal Government to discontinue the per capita payments to the States and to relinquish certain fields of taxation will not have an easy passage through the Commonwealth Parliament. Many members of the Senate, realis>ing that the scheme is opposed by every State Government, five of which are Labour and one anti-Labour, and that it is not a party matter, have revised their attitude, and it is possible that when it conies before that chamber of review it will be opposed by many members who previously had approved of it.

BRITISH INVESTORS FAVOUR. LONDON, June 8. “The present Australian system,” says tho Financial Times, “is cpntrary to nil canons of sound public finance. It destroys the sense of responsibility amongst officials and tho public alike. The Federal Government’s proposals will be cordially supported by British investors in Australian States stocks, because they should result in more economic government, leaving the largest possible margin of security for loan interest and sinking funds.”