GROWTH OF DEBTS

Taranaki Daily News, 25 July 1931, Page 9

GROWTH OF DEBTS

INCREASE IN AUSTRALIA. DOMINION’s’ffIGHER RATIO. There was an increase of £53,313,669 in the gross public debts of the Commonwealth and the States of Australia during the year ended- June 30, according to a statement by the Federal Treasurer in his recent Budget speech. Of the increase, £51,395,000 was in. short term debt. The increase in the Commonwealth debt was £13,637,132, and in the State debts £39,676,537. The aggregates gross debt was £1,153,910,867. Following is a summary showing the growth of public debts in. Australia from 1913 to 1920, and in the last five, and also a similar summary of public debt in New Zealand:— • AUSTRALIA.

was £l5 per .capita higher than in Australia; in 1920, the excess was £l7. Eight years -later, the New Zealand ratio was lower . than the Australian. Since then, Australian debts have increased by £3 7s. a head; that of New Zealand by nearly £lO a head. ' Since 1928, the increase in the New Zealand public debt has been £24,734,000. Had the increase been at the Australian rate during the period, it would have been only £5,000,000.

1912 '£294,505,714 £63 5 8 1920 .... 778,341,835 145 4 0 1927 .... 1,043,481,224 109 3 10 1928 .... 1,094,802.901 - 174 4 3 1929 .... 1,104,028,062 173 4 7 1930 .... 1,100,597,198 1 170 17 S 1931 .... 1,153,910,867 177 11 4 NEW ZEALAND. 1912 ,,., £84,353,913 £78 0 3 1920 .... ' 201,170,755 162 12 9 1927 .... 245,850,889 170 19 5 1928 .... 251,396,252 I 172 19 2 1929 .... 258,812,878 175 19 8 1930 .... 2157,383,343 179 12 5 1931 .... 276,030,000 182 14 0 In 1912, public debt in New Zealand