AUSTRALIA'S PROGRESS
MIDLAND BANK'S OPINION HIGHER PRICES NEEDED LONDON, June 2. The Midland Bank Review expresses the opinion that the future development of Australia, as far as the Commonwealth requires external capital, should pro coed on a basis of "equity" participation rather than public debt. The Commonwealth should rely, apart from the small sums that new settlers bring in, upon private investment either through the expansion and multiplication of companies operating in Australia or through the establishment of branches of firms whose headquarters arc abroad. The. Government should remove obstacles to now investment, such as those contained in the taxation system.
"The Commonwealth's external public debt is as large as is bearable," the review continues. "Unless the basic level of prices is lifted, Australia's first need is to ensure that her own internal savings are maintained at the higlicsl level conforming with balance. For her present and future welfare, it "is desirable that such savings, flow readily into new investment channels."
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Bibliographic details
Poverty Bay Herald, Volume LXIII, Issue 19044, 18 June 1936, Page 11
Word Count
161AUSTRALIA'S PROGRESS Poverty Bay Herald, Volume LXIII, Issue 19044, 18 June 1936, Page 11
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