FEDERAL FINANCE.
NOTE ISSUE DECIDED ON. DEFENCE WORKS OUT OF REVENUE. • BANKS ACCEPT POSITION. By TolegTapn— Press Assdciation-CopyriEht. Melbourne, Juno 27. Tho Federal Treasury is preparing for tho issue of a Commonwealth, paper currency as soon as the necessary legislation can bo passed. It is expected that tho now system will operate from October 1 next. The Government is cabling to England ,£05,000 as tho first instalment towards the cost of Australia's cruiser-battleship. Mr. Fisher, the Prime Minister, states that tho Government intends to pay for all defenco works out of revenue. The feeling in banking circles regarding tho proposed Commonwealth note issue is that while they may offer objections and point out tho risks.of the system, the banks must adjust themselves to circumstances. The banks, it is said, do not place so much importance on the issue as some people imagine, and they will not meet tho position in a chary or aggressive spirit.
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Dominion, Volume 3, Issue 854, 28 June 1910, Page 5
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155FEDERAL FINANCE. Dominion, Volume 3, Issue 854, 28 June 1910, Page 5
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