STATE DEBTS

New Zealand Times, Volume XXIX, Issue 6225, 3 June 1907, Page 5

STATE DEBTS

AUSTRALIA’S FINANCE COMPLAINTS BY AIR CARR OTHERS OPPOSITION TO THE COAIAIONAVEALTH. By Telegraph-Press Association-Copyright. BRISBANE, June I. After Sir John Forrest’s speech, tho Premiers’ Conference reconsidered the question of tho taking over by the Commonwealth of the States debts. Air Carruthors (Now South Wales) complained of tho grabbing spirit of London underwriters. New South AVales’s experience had been that the cost of underwriting, with commission and stamp duties, amounted to £2 15s per cent. There was no patriotism in London finance. To-day London was the rottenest money market in the world. Sir John Forrest had hinted that the Commonwealth might take over tho Post Office Savings Bank. Ho would say: ’’God help the Commonwealth, if it threatens us that way.” If the Commonwealth wore going to act the part of a crushing machine, then it would have to consider tho people. Air Carruthors added that ho had como prepared to get rid of tho friction between Now South and tho other States of tho Commonwealth. He had a scheme which ho had not yet proposed. It was to constitute a board or commission of experts, representing each State, to go thoroughly into tho whole question. That would be better than discussions at the Premiers’ Conferences.

After further discussion, tho Conference reiterated its previous decision that the time is not ripe for the Commonwealth to take over the States’ debts, Victoria and South. Australia dissenting. It was resolved to appoint some competent person, at the joint expense of tho States, to examine measures introduced in the Commonwealth Parliament and to advise tho States whether their rights are infringed. AN ARRANGEMENT FOR TASMANIA. ((Received June 3, 1.12 a.m.) BRISBANE, June 2. The Conference resolved that, in consideration of the financial losses caused to Tasmania by the operation of federation, £40,000 annually be added to the amount actually returned to Tasmania from July, 1901, to December, 1910, and that a fixed amount be determined on that basis. It was also decided to favour Australian representation at the FrancoBritish Exhibition to be held at Shepherd’s Bush in 1903. The Commonwealth is to be asked to' develop deep-sea fisheries.