CONFIDENCE IN AUSTRALIA.

Press, Volume LXVI, Issue 20099, 1 December 1930, Page 11

CONFIDENCE IN AUSTRALIA.

RECOVERY IN THREE YEARS. VIEWS OF FINANCIAL CORRESPONDENT. [THE PBESS Special Service.] AUCKLAND, November 30. After consultations with many of Britain's leading financial experts, and the permanent officials of the British Treasury, Mr J M. Myers, the Australian correspondent of the "Financial Times," London, and the. "Wall Street Journal," New York, is returning to Sydney by the Aorangi, convinced that Australia will be out of her economic and financial troubles in three years. Uy . that time," he said, ''the economic and financial position should not only be restored, but also should be in a better state than it has ever been in the country's history. "I am inclined to take an optimistic view of the situation," added Mr Myers, "and I see several reasons for believing it will greatly improve. There is, for instance, the financial agreement which lias now become a permanent part of the Commonwealth Constitution. It allows for consolidation of the whole of the indebtedness of Australia under the control of the Commonwealth, and the establishment or a permanent Loan Council to control the whole of the borrowing, and the establishment of a compulsory joint sinking fund, to which all the states must contribute. ''ln the last financial year, that fund provided over £lO 000,000 for the redemption of Australia's debt. The Loan Council has also reduced loan expenditure from £44,000.000 to £15.000,000—n radical reduction." Mr Myers said he had seen' the Budget speeches of four Australian Treasurers —those of Victoria, South Australia. Queensland, and Tasmania—and was satisfied that all wero facing the difljculties with a great deal of courage ' and efficiency. I