FEDERAL FINANCE
A WARNING MOUNTING FLOATING DEBT. Press Association Electric Telegraph—Copyright SYDNEY, Monday. Mr, J. A. Lyons, Prime Minister, acknowledging a civic welcome, appealed to the community and to 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. He said that in June, 1929, the floating debt in Australia and London was £5,500,000. In December, 1901, it was £78,826,000, and it looked as though it would be £85,000,000 by next June.
The people must not be deceived by the apparent improvement in the general situation. There were forces outside Australia that would seriously affect Australia’s) position, and unless some settlement of the international difficulties were reached, the economic position could not improve.
Tho 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 have. to face at the end of tho month.
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Wairarapa Daily Times, 19 January 1932, Page 5
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195FEDERAL FINANCE Wairarapa Daily Times, 19 January 1932, Page 5
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