AUSTRALIAN FINANCE.

Otago Daily Times, Issue 21197, 1 December 1930, Page 11

AUSTRALIAN FINANCE.

A MORE OPTIMISTIC VIEW. IMPROVEMENT WITHIN THREE YEARS. (Special to Daily Tikes.) AUCKLAND, November SO. After consultations with many •of Britain’s leading financial experts and permanent officials of the British Treasury, Mr J. M. Myers, Australian correspondent of the Financial Times. London, and the Wall Street Journal, New York is returning to Sydney by the Aoranei convinced that Australia will be out of her economic and financial troubles in three years. /‘By that time," he said, the economic and financial position snould not only be restored, but should pe m a better state than it has ever been in the history," .■' m „ inclined _to take an optimistic view of the situation/"' added Mr Myers* and I see several reasons for believing that it will greatly improve. There is, tor instance, the financial agreement which nas now become a permanent part of the Commonwealth constitution. It allows for the consolidation of the whole of the indebtedness of Australia under the control of the Commonwealth and the establishtnent of a permanent Loan Council to contr? w^°'e of the borrowing and the establishment of a compulsory joint sinkmg fund, to which all the States must contribute. In the last financial year that fund provided over £10,000,000 for the redemption of Australia’s debt. The Loan Council has also reduced the loan SMnmS 6 fr ?- m , £44,000,000 to * *sr “3- radical reduction.” Mr Myers said he had seen the Budget speeches of four Australian Treasurers— Victoria, South Australia, Queensland, and iasmania—and was satisfied Chat all were facing their difficulties, with a great deal of courage and efficiency.