Finance—Public and Private
Australia's Or deal IT has been said that troubles come not singly but in mortgages. Mr. Williamson shovved that notwithstanding battalions, and there can be no question that in one the temporary break-away of New South Wales, the way and another the British Empire during recent t combined Budget-deficits -were- brought down to just over years has been very much " up against it." At the '120,000;000from a previous estimate of about 140,900,008; . present moment it is, of course, primarily Great Britain 1 and the economy was aided by the immediate application by which is concerned with the problem of War Debtk Great Britain of the Hoover Moratorium to the War De& to the United States, but it must not be forgotten that of Australia. And, now, assuming that there were to be the problem is one which affects the interests of the whole an extension of the moratorium, the estimated combined Empire and, indeed, the trade-of the whole world. Soine deficits have been reduced to 19,000,000. The whole of of our Oversea Dominions haVe a very direct interest the internal loans, Federal and State, have been converted in the matter, because any concession made by the into the Consolidated Federal Loan on the basis of the United States to Great Britain is at once passed on to reduction of interest already referred to, and the other our Oversea Dominions and to others who have War reforms mentioned have been faithfully carried out. As Debt obligations towards us. This point was well we know, these reforms have had the effect of occasioning brought out by Mr. Andrew Williamson, the Chairman a great recovery in Australian credit in this-country, and of the English, Scottish and Australian Bank, at the quite recently Mr. Bruce succeeded in accomplishing a annual meeting of shareholders held this week, and I successful conversion of the maturing New South Wales would commend his speech to the attention of all Loan. And if in the coming year the uPWard move- who wish to read one of the clearest views of the situation ment in our own Government stocks should be resumed
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