WAR ECONOMY
AUSTRALIAN FINANCES ARE SOUND "Australia enters the war with a stronglj r organised economy," declar ed the chairman of the Bank c<f New South Wales, Mr R. W. Gillespie, at the annual meeting of shareholders at Sydney. "Planning in the face of future uncertainties is made easier by Britain's arrangements to purchase com modities at a stipulated price," said Mr Gillespie. "Because of this and the good seasonal conditions, the level of reserves in London must be considered sound. "The margin for increased taxation and borrowing for war purposes should be high." Mr Gillespie said that the fundamental problem at present -was to divert labour and capital to the more essential uses from those which are less essential in times of war.
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Bay of Plenty Beacon, Volume 1, Issue 99, 11 December 1939, Page 2
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124WAR ECONOMY Bay of Plenty Beacon, Volume 1, Issue 99, 11 December 1939, Page 2
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