AUSTRALIAN BORROWING

Press, Volume LX, Issue 11510, 17 February 1903, Page 7

AUSTRALIAN BORROWING

THE PREDICTED CRISIS.

DEFENCE BY MR REID.

United Press Association—By Electric Telegraph—Copyright. (Received February 16th, 10.10 a.m.)

SYDNEY, February 16.

Mr G. H. Reid looks upon Mr H. W. Wilson's attack on Australia as the result either of profound ignorance or of malicious design. The debt of Australia, he said, instead of being a millstone, was one of the best investments, and without that expenditure the greater part of Australia would now be a howling wilderness. MELBOURNE, February 16. The "Argus" says: —"Mr Wilson's attack on Australia cannot be objected to on the ground of bad intention. Britain is a lending nation, and its journalistic watchmen have a perfect Tight to moke such enquiries and publish such statements in good faith, as wall tend to protect the British investor. There are politicians in this country who light-heartedly and willingly go on borrowing as long as they are able. In saying that a crisis of greater severity than the hist da impending, the critic goes beyond the warrant ot faots» but there is enough truth in his strieUu-l to inspire the hope that Great Britain, in her own interests and ours, "will impost) a sterner check to immoderate borrowing." SYDNEY, February 16. The "Sydney Morning Herald" declares that well-informed people do not accept tit) statement of Mr Wilson that a greater crisis is impending. ' The "Herald" says the "Morning Post* strikes the right note in saying the strength of tho attack: is evidently against .New South Wales, where the bulk of the eleven millions was spent on unproductive works.