WARNING TO AUSTRALIA.

New Zealand Herald, Volume LXVIII, Issue 20978, 15 September 1931, Page 9

WARNING TO AUSTRALIA.

ECONOMIC BASE CHANGED. NO DEPENDENCE ON LOANS. NEED TO LIVE WITHIN MEANS. By Telegraph—Press Association—Copyright. (Received September 14, 11.5 p.m.) SYDNEY. Sept. 14. Mr. A. C. Davidson, general manager of the Bank of New South Wales, in an address on the economic crisis to-day, warned the people that every financial proposal or policy must be subordinated to " a long range policy," designed to place industry and production on a sound business footing. Australia as a nation, he said, was involved, whether she liked it or not, in a change over from dependence for employment partly on industry and partly on public works, financed out of overseas loans, to dependence almost wholly on industry. The main task was to restore the ability of Australian production and consumption to cover their costs out of market prices. There was no evading tho problem of living within their means. WHEAT EXPOET BOUNTY. BANKS AGREE TO HELP. FUND TO BE CREATED. (Received September 14, 11.5 p.m.) MELBOURNE, Sept. 14. The banks have decided to enable the Government to crealo a fund from which a bounty of 6d a bushel will be paid on all wheat exported, whether sold direct to exporters or to tho millers. When the price of wheat exceeds 2s 6d a bushel the bounty will not be paid. Thus a definit-e agreement for assistance to the wheat farmers has been de-> cided upon.