ECONOMY AXE
DRASTIC REDUCTIONS AUST. LOAN EXPENDITURE (Received February 8. 12 noon.) SYDNEY, Fel>. 8. The Loan Council meeting at Canberra agreed to further drastic reductions in loan expenditure by the Commonwealth and States. Members will report to their respective Governments and meet again in a fortnight. The States originally planned to borrow £43,000,000, but this already has been cut by 30 per cent. Now the economy axe chops it down to about £25,000,000. All luxury schemes are to be abandoned and Mr Theodore insists that tho rigid self-imposed discipline will have a tremendously good result in the eyes of overseas investors. The Council endorsed Mr Scullin’s assurances that Australia will promptly and regularly meet itg obligations.
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Bibliographic details
Poverty Bay Herald, Volume LV, Issue 17179, 8 February 1930, Page 5
Word Count
117ECONOMY AXE Poverty Bay Herald, Volume LV, Issue 17179, 8 February 1930, Page 5
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