AUSTRALIAN FINANCE
LOAN EXPENDITURE CUT IN HALF (United Press Association—By Electric Tel egraph—Copyright.) (Received February 21, 9.35 p.m.) CANBERRA, February 21. The Federal Loan Council has cut in half Australia’s normal loan expenditure for the next half year, and instead of £43,000,000 borrowed last year, which has been the average for the past four years, the Council has decided on heavy reductions, which win bring the rate of loan spending down to £22,000,000. The Treasurer (Mr Theodore), explained that during the current year, approximately £10,000,000 sinking fund money was being used for the redemption of debts in Australian and overseas markets, the Commonwealth revenue for the past six months had amounted to £28,000,000, which was £2,000,000 greater than the corresponding period of last year, largely owing to increased customs and excise on liquors and tobacco. The total expenditure from revenue for the six months to December 31, 1929, was £21,642.000, and the public debt was now £1,116,834,298.
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Bibliographic details
Timaru Herald, Volume CXXV, Issue 18500, 22 February 1930, Page 8
Word Count
157AUSTRALIAN FINANCE Timaru Herald, Volume CXXV, Issue 18500, 22 February 1930, Page 8
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