AUSTRALIAN PROBLEMS

New Zealand Times, Volume XLVII, Issue 10816, 4 February 1921, Page 6

AUSTRALIAN PROBLEMS

SUCCESS OF SENATOR MILLEN’S MISSION. AGREEMENT REGARDING WAR I DEBTS. Australian and N.Z. Cable Association. (Received February 3, 5.5 p.m.) LONDON, February 2. Senator Mlllen, in an interview by the Australian Press Association, said he was satisfied at the results of his mission, including the Geneva Conference, the Commonwealth loan, funding the Commonwealth indebtedness, and immigration. At Geneva mandates were obtained which protected Australian interests in mandated territory, while measure* had been taken to secure a more equitable distribution of the costs of the League of Nations, under which Australia would benefit substantially. The Commonwealth loan was satisfactory in view of the market conditions. Regarding Commonwealth indebtedness to the British Government, an agreement had been completed with the Treasury which he was confident Australia would regard as eminently satisfactory. Briefly, it' relieved the Commonwealth of any immediate cash payments, while the funding of the principal debts, aggregating •- over £90,000,000, included a number of borrowings obtained in earlier periods of war organisation. Immigration was practically settled on the lines of an understanding between the Commonwealth and the States. The scheme would become operative at a few days’ notice. The Empire Parliamentary Association entertained Senator Millen 'to luncheon iix the House of Commons. Lord Milner presided, and proposed the toast of Senator Millen. Others present were: Mr A. J. Balfour. Colonel Amery, Mr O. Beck, Lord Burnham, Lord Emmott, the Marquis of Lincolnshire. General J. E. B. Seely, Mr Owen Phillipps, and Sir Joseph Ward. y LONDON, February 2. Senator Millen ha* completed an agreement with Mr Austen Chamberlain (Chancellor of the Exchequer) for funding ninetv millions of the Commonwealth indebtedness, including war loans and military debts, for periods ranging from twenty-six to thirtyseven years, at an interest ranging from 34 to 5 per'cent., plus 1 per cent, sinking fund.,.