CREDIT OF AUSTRALIA.
NEED OF SOUND FINANCE. LONDON FLOATING DEBT. SITUATION NOT FACED. SIR R. GIBSON PRAISED. By Telegraph—Press Association—Copyright. (Received May 7, P. 15 p.m.) LONDON, Mny 7. The financial editor of (lie Morning Post says Sir Robert Gibson, chairman of the Commonwealth Bank, is making a strong defence of sound financial principles, and it is unavoidable that he should be accused of partisanship. Australia is now coming face to face with the consequences of the failure to maintain her credit by flirting with inflation, instead of first setting her house in order economically, and then obtaining the required accommodation to meet her floating liabilities, which would be readily accorded. It is evident that tlie hard path of economy is not palatable to some of the suppoiters of (he present Federal Government. They would rather meet the debts by means of the printing press. The Financial News says Sir Bobert probably meant that if the Government of Australia resigned the question of default would not. arise. It is felt in London that the Government has not faced the facts of the situation, and as long as it remains in oflice the problem of the London floating debt cannot be satisfactorily solved.
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Bibliographic details
New Zealand Herald, Volume LXVIII, Issue 20867, 8 May 1931, Page 11
Word Count
202CREDIT OF AUSTRALIA. New Zealand Herald, Volume LXVIII, Issue 20867, 8 May 1931, Page 11
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