DRASTIC REDUCTIONS IN LOAN EXPENDITURE PLANNED IN AUSTRALIA.
By Telegraph.—Frees Aasn.—Copyright. Aus. and N.Z. Cable Association. (Received December 19, 1.30 p.m.) CANBERRA, December 19. At the meeting of the Australian Loan Council, at which New South Wales was represented for the first time, drastic reductions in the expenditure that will be met from loans to be raised during the current financial year were agreed upon. The most important question discussed was the necessity, in -view of the position of the financial market, for large reductions in borrowing. The Federal Treasurer, Dr Earle Page, told the Council that as a result of critical revision of the Estimates it had been found possible by the postponement of various works to reduce Commonwealth expenditure for the current year by £7,000,000.
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Star (Christchurch), Issue 18341, 19 December 1927, Page 4
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127DRASTIC REDUCTIONS IN LOAN EXPENDITURE PLANNED IN AUSTRALIA. Star (Christchurch), Issue 18341, 19 December 1927, Page 4
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