AUSTRALIA RECOVERING.

New Zealand Herald, Volume LXVIII, Issue 21029, 13 November 1931, Page 7

AUSTRALIA RECOVERING.

THE FINANCIAL SITUATION. CONFIDENCE IN THE FUTURE. That Australia was recovering definitely from her financial troubles was the opinion of Mr. John Fuller, of Fullers' Theatres, Limited, expressed in an interview in Christchurch this week. Mr. Fuller is on a business visit to New Zealand from Australia. "During the past year there has been a very marked change in the financial situation in Australia," Mr. Fuller stated. " Everywhere there is a spirit of confidence in the future, and general conditions are better. There is still the bug-bear of too much duplication in taxation by the Governments. The State: Governments and the Federal Government are continually overlapping or increasing the burden where the other ha* made an attempt to lighten it. "There is no doubt that the reduction of interest charges by bondholders has played a splendid part in assisting the financial situation, but One fact has to be remembered in regard to this when a comparison is made with New Zealand conditions," the visitor replied in answer to a question. "The State or States in Australia were not large lenders and consequently could ask the bondholders to reduce the interest. In New Zealand such is not the case. "The principal development in finance especially interesting and hopeful for the people generally has he-en the absorption by the Commonwealth Savings Bank of the, Queensland, the South Australian, the Western Australian, and the Tasrnanian State Savings Banks. New South Wales is about to join in this amalgamation and that will leave Victoria the. only one outstanding, (if course the wise thrifty are only too glad to be able to take shelter tinder the wing of the Commonwealth as a whole, and are better satisfied with its security than that of any one State alone."