BORROWING.
Sir,—Australia is in a most deplorable position financially through its heavy borrowing policy. It is interesting to note that tho last three years tho Reform Government was in power, they, in preparation for the foreseen fall in tho level of export prices, deliberately adopted a policy of curtailing non-productive expenditure and tapcring-off of public boriowing. The net borrowing for 1925-26 was £11.000,000; in 1926-27, £7,000,000; and in 1927-28, £5,500,000. The Reform Government has thus steadily tapcred-off its borrowing. Ihe new United Government promptly reversed this policy and increased the public debt by £9.000,000 in its first twelve months of office, but luckily for the country, was not ablo to carry out its proposal of borrowing £70,000,000. Your readers will no doubt appreciate the prudent policy followed by the Reform Party. V. Towers.
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New Zealand Herald, Volume LXVII, Issue 20690, 9 October 1930, Page 16
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133BORROWING. New Zealand Herald, Volume LXVII, Issue 20690, 9 October 1930, Page 16
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