FLOATING DEBT

Southland Times, Issue 21606, 19 January 1932, Page 5

FLOATING DEBT

AUSTRALIA’S POSITION

SUBSTANTIAL INCREASE RECORDED BANKS AIDING GOVERNMENTS (United Press Assn.—By Telegraph—-Copyright.) (Rec. 11.50 p.m.) Sydney, January 18. The Prime Minister, Air J. A. Lyons, acknowledging a civic welcome, appealed to the community and every section of political thought to help in getting men off the dole into profitable employment where they would become an asset instead of a liability. He went on to allude to the disturbing position in regard to the floating debt, and said that in June, 1929, the floating debt in Australia and London was £5,500,000. In December, 1931, it was £78,826,000 and looked as though it would be £85,000,000 next June. The people must not be deceived by an apparent improvement in the general situation, said Mr Lyons. There were forces outside Australia that would seriously affect Australia’s position, and unless some settlement of international difficulties was reached the economic position could not improve. Australian banks were carrying the Governments on till the end of February, but there was no provision after that. The Governments as a whole wanted £8,500,000 for public works; that was one of the chief problems which the Loan Council would to face at the end of the month.