FINANCES OF AUSTRALIA

New Zealand Mail, Issue 1617, 25 February 1903, Page 58

FINANCES OF AUSTRALIA

EFFECTS' OF RECENT CRITICISM. REPLY OF THE NEW SOUTH WALES PREMIER. SYDNEY, February 19. Mr H. Copeland (New South Wales Agent-General) has cabled to tho Premier (Sir John See) that the effect of tho “Daily Mail” and other atrocious articles on Australian finance was disastrous. Mr B. R. Wise, State Attorney-Gene-ral, cables that he would address a meeting of city men on the New South Wales finances. Sir John See has despatched a long cablegram to the English press setting out the financial position of the State. He declares that assets are double the liabilities, and claims that the State could meet the whole of its interest charges and have a balance in its favour of £200,000, without having resort to taxation of any kind or without parting with any of its public lands. LONDON, February 18. Victorian 4 per cents, are quoted at 105. and 3* per cents, at 100; New South Wales 4 per cents. 108, 3|- per cents. 100; South Australia and Victorian 3 per cents., 91; Queensland 4 per cents., New Zealand 4 per cents. 109, per cents. 103, 3 per cents. 94; Tasmanian per cents., 101. LONDON, February 19. The* IT on H. Copelands’ reply to Mr H. W. Wilson’s article on Australian finance is of a vigorous and caustic character. He said the scandalous suggestion of repudiation contained in the article was a more villainous slander than anything printed by the pro-Boer press.' He emphasised the value of land in Australia and the reproductive works, especially the railways. Examining the articles in detail, he showed numerous misstatements and gross exaggerations. The “Daily Mail,” in a leader, admits that Australia’s debts are largely represented by solid assets. Since Australian stocks bad become trust investments close scrutiny must be expected. The real danger lay in Australian expediture being controlled by a class withornt an interest in securing economy of outlay and administration and not understanding the difficulties of finance. It was evidence of care and economy that no complaints or criticism could he heard. The “Mail” points out that the first suggestion of Australian bankruptcy appeared in a Sydney weekly newspaper. LONDON, February 19.

Financial circles, while deprecating exaggerated attacks, are strongly of opinion that Australia does not realise that she has been borrowing too freely. Recent loans are still unabsorbed. The weakness of Australian stocks is due to newspaper attacks, coupled with the bad impression created by the immigration restriction law.