AUSTRALIAN FINANCE.

New Zealand Herald, Volume LXVIII, Issue 20768, 10 January 1931, Page 9

AUSTRALIAN FINANCE.

ECONOMIES OF SOCIALISM. A CONSERVATIVE CRITIC. (Received January 9, 9.5 p.m.) LONDON, Jan 8. 11 The Australian breakdown has given o deadly blow to the economics of socialism," said Mr. A. M. Samuel, Conseivative member of the House of Commons for Farnham, Surrey, a former Financial Secretary to the Treasury, in a mid-day add ress at a tradesmen's club. Mr Samuel said that if Australian wheat and wool cost more to produce than the customers could pay, they must remain unsold'. Unemployment, created by socialist economics, iiad caused the Australian State railways to lose £8,500,000 last year. The Australians said they borrowed the money from the diabolical capitalists, to build, run and meet the losses on the railways. Now the d.afcolical capitalists refused to lend more. There was no reason why the Australian Socialists should not find the capital for tile railways themselves, but they could not, unless they sold their products, which were too dear. NEW SOUTH WALES RETURNS. FIGURES FOR SIX MONTHS. SYDNEY, Jan. 9. A report on the finances of New South Wales, for the first six months of the present financial year, shows that expenditure exceeded revenue by £5,353,839. Revenue amounted to £19,923,944, which j B a net decrease of £1347 compared with the corresponding period of last year. Tho expenditure totalled £25,277,783, a decrease of £1,278,415. REVENUE OF VICTORIA. SURPLUS IN DECEMBER. (Received January 10, 12.5 a.m.) MELBOURNE, Jan. 9. The drift m Victorian finance has been arrested. The December revenue shows a surplus over expenditure of £575,000.