Australian Finances.

Taranaki Herald, Volume L, Issue 12195, 19 February 1903, Page 2

Australian Finances.

QUOTATIONS OF STOCKS. " | NEW ZEALAND~THE FAVOURITE: '■ United Press Association'—-By Elec-' „ tric.Telegraph^-^Copyriffht. . r Received February 19, B.IT a.m.- .,.:., . ,ajonc^on, February 18.' Victorian 4^ per cents, are qtioted. atJ. 05;0 5; 3^ per cents. 100; New South Wales 4 per cents. 108; 3^ per cents! 10,0 ;j South Australian and Victorian 3 per cents. 91 ;•* Queensland 4 per .cents. 102^ ; New Zealand,4 J)er cents, 109;..3^ per gents. 103"; 3 per cents.. 94; Tasmanian 3J per cents. 101. THE LONDON PRES,S ATTACKS.,. . A DISASTROUS EFFECT.; - ' ! .' REPLY BY SIR JO^N SEE. 1 Received February 19, 10.55 a.m: ,; '.',' '■ . Syjdmey, Febrmary 19. ,Th*; Agent-Oeneral ior New South Wales, Mr. Copejalid, ii,ae cabled to tfeej Ptemier that the effect <# Wilsiota's' article in the "Daily' Mail" .anil other. atrocious articles, was disastrous. ', •• Mr Wi^e, Attoxney CKaneral *.fof' ITew South Wiales. als:6 cabledrjthat he vrill ac^afegs a 1 meeting "of city men. on.-the finances vof New Squth Wales*; v. The Premier, Sir Jolin .See, ;has der s'patohed a 'lengthy cafble ,to -the JtyngT Ifsh Press setting jout the \narancial position of v the^StaiteV., Me' declajres that the assets • are dioluble ihe liabilities and ' claimls that tte State could -meet theswjiole. of its interest" chancres and have . a' balance in its favour of £2W,oW.wit^Dpit having to resort to taxation" ot any kiritl "or without parting with any of its public lands._ . \ ;:: ', ' A DEBT OF £2^000,000. In- connection with Mr Wilson's - afc tack' on Australian, finance in the. London Daily Mail it may. be mentioned that tiie public debt of the. seven Stages of Australasia: exceeds to-day the gigantic, sum of; £250^000^1)00. * v J. > •♦.. , Details of the indebtedness of individual States/; together .with the incident, cc of indebtedness per head,. ' of. the inhabitants,.are given in the.subjoined table; extracted from Cpghlan's "Sikr. tistics, of the Six States of Australia^ and >Maoriland," .just published.. - The figures are carried up/to June 30 of last year, and may be accepted as absolutely trustworthy. '"■ . . , •- •• • -^'

No other, <;oiintry in the, i^orld, '.in proportion to its population,, is sad: died, with so prodigious,a deibt,;4fn^ probably no country.'-Kas^a ultimate redemption, of whicV so hopeless. ' . _',' L ] • /^% \S i ' For a very large portion of the enormous amount concerned—dyer seventy million^ 'sterling—there! are' no ' re) munerative assets .in^existencej; J!Whil«f for ; 'the Balance ', b: f *more r tKan 11801 180 millions, the .works jrepre^eniei vjd<^ jio^ pay anything like such interest on ihe cost.of construction as will eventually square the account. 'V"*~ -' % During the,last year the sijc Australian States borrowed more" than nine millions sterling H;o keep themselves going, while the' total sum realised from; all forms of taxation was only a lit^ tie over ten millions. There <* are some further figures of an equally startling character relating to the six Australian. States :—' v \ . Int.-on Loan man., paid but of -'" Debt ' used ' o*m lesources " £'" -" £ •> " £ . 1897 6,915,047 6,XK)8;i06 906,941 1898 7,O14;O38 5,512,965 1,501,073 1899 7,156,930 5,572,354 1,584;576 1900- 7,262,242 &422,227, 1^1*0,014 1901 7,480,814 t .7,232^,701 Am'bunt received 1902 7,778,003 ,9,403,601. %625,598 If British,financiers declined to, ne? gotifte anjs. further lpanswithl Austealiisia the Commonwealth w^uld,, be faced by a very. diffiGU.lt problem-rthat of how to continue solvent. ■; , . ;,

\ ' " TL* debt.- TJe&SpbElTd "WestraUa , .;. 13,471,034 69 2 5 MiLoiiLahd ' ... 48,510,231 ... 6l 11 .9 N.SV Witlgs I!. 72,011^847 " 52^ 310 Queensland ;:.\35;'455,514 69 9 0 Tasmania L 8,^95,372 49 10 3 Australia ... 25,794,798 70lM 2 Victoria ... 50>520,888 41 15 11