BORROWING HALT

Northern Advocate, 16 November 1929, Page 9

BORROWING HALT

AUSTRALIA COMMENDED

SAGACIOUS POLICY

CREDIT REASSURANCE,

(Times dftble.) (Received, 9 a.m.) LONDON, November 14

The “Times” comments the decision of the Australian Loan Council . not to increase its loan programme. . It remarks on ' the similarity of the difficulties facing the British and the Australian Prime Ministers, Mr MacDonald and Mr Scullin, and gives as an instance the depression in the coal trade and unemployment. The “Times” alludes to the necessity for Mr E. G. Theodore, Federal Treasurer, to cut down expenditure and to increase revenue. It says there is much in Mr Theodore’s past, especially his handling of the finances of Queensland, which may well cause anxiety, but he is a big man and an able man. It would cause no surprise to see him profit from his past

experiences. ■ The “Times” thinks the most urgent need in connection with the industrial problem is to restore respect for the law. It concludes by assuring Mr Scullin that his efforts for the promotion of the general good of the commonwealth of British nations will receive the sympathetic understanding for which he asked when he made a broadcast speech when he had formed his Cabinet.

The financial editor of the “Morning Post” says that those persons who expect to find, in the remarks made by Mr Andrew Williamsop, the chairman, at the annual meeting of the English, Scottish and Australian Bank, any confirmation of the alarmist reports which are sometimes circulated regarding Australian credit, will find, on the contrary, much in the way of quiet reassurance, though ‘Mr Williamson by no means overlooks the weak spots which require attention, if Australian credit is to be thoroughly maintained.

One of the encouraging factors in the situation, says the “Post,” is that the new Government appears to be conscious of the magnitude of its task.