IN PAWN TO AMERICA
AUSTRALIA’S HUGE OVERSEA EXPENDITURE MELBOURNE, May 24. “Australia is in pawn to America—the price, £3OOO an hour.” Thus Mr. J. Hiune Cook, speaking before the Constitutional Club. He said that Australia was paying that sum every hour for motor cars, pianolas, gramophones, and other luxuries purchased from a country which did not want our goods. lb was believed that nations settled their debts by exchange, of goods, but that was not* true of Australia. Our national debt was now £1,103,000,000, on which we had to pay a million pounds a week interest. We not only had to export goods to balance our current purchases abroad; but, in addition, sufficient to pay this interest bill. Australia was in an awkward position. It was not settling its debts with gold or in goods, but by borrowing more monev.
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Bibliographic details
Poverty Bay Herald, Volume LIII, Issue 16360, 7 June 1927, Page 7
Word Count
140IN PAWN TO AMERICA Poverty Bay Herald, Volume LIII, Issue 16360, 7 June 1927, Page 7
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