AUSTRALIAN FINANCE.

Otago Daily Times, Issue 12603, 5 March 1903, Page 5

AUSTRALIAN FINANCE.

A SPEECH BY MR B. R. WISE. Press Associatinn-By Telegraph— Copyright.' LONDON, March 4. (Received March 4,' at. 9.57 p.m.) Lord Rosebery, Viscount Hampden, and many prominent banker: and merchants were present at an address delivered by the Hon. B. ft. Wise, K.C., Attorney-general for New South Wales, 1 before the Australasian Chamber of Commerce. Mr Wise treated of the Socialistic legislation of Australia, which he said was not of such a nature as to warrant any feeling of alarm. He declared that there was no ■ country which could offer greater security for capital i than New South Wales, because thero was none that possessed greater political and industrial stability. lie denied, that ■the cost of old-age pensions was excessive. .No measure, he said, was more likely to enhance financial stability, since it gave workmen a stake in the country. " Our industrial ' arbitration legislation," said Mr Wise, "works most effectually for industrial peace. It in- j creases trie stability of capital and se-j cures industrial continuity. It teaches 1 employers and employed that their differ- j ences are not irreconcilable, and it enormously increases the making of industrial agreements and has stopped sweating." Mr Wise said that the incident of the exclusion of the hatters in Sydney had been exaggerated. It had proved a splendid advertisement for a new induary. The Exclusion Act was intended to preVeiit evils so conspicuous as those of the East End of Loiidon. It was grotesque to assert that the act was, inimical to the advejit- of the right class ' of immigrants. The Customs tax levied ■ upon mail steamers was not intended to differentiate- against British shipping, but was a purely fiscal measure. He condemned the ludicrous charges against * Australian credit' aiid the suggestion that repudiation would be resorted to was not to be thought of. The debt of Australia was light ns compared with that of Great Britain, if the cost- of rail-. ways, waterworks, and municipal works was added. , Australians had notj said Mr Wise, lost any of the essential honesty whie' was characteristic of Englishmen. Projected Queensland loan. "BRISBANE., March 4. (Received March 4, at 11.10 p.m.) Tlie Premier to-day received London cable advices to the effect that Australian 3 per cents, are quoted at 90. This is probably the lowest figure that will he reached. It is further intimated that rumours concerning tlie depressed state of the London market caused the failure of New Zealand's flotation. The cable! concludes: "Resources engaged other directions." This is taken to mean that! numerous loans projected from other countries on the Loiidon market have absorbed all present resources of, available moliey. The words " Crusade ended," appearing iii the cable, are taken to indicate that the attacks against colonial securities have ceased. These advices will probably induce the Queensland Government to withhold its loan for the present.