COMMONWEALTH LOAN

Dominion, Volume 5, Issue 1313, 16 December 1911, Page 5

COMMONWEALTH LOAN

BORROWER I OR THE FIRST TIME. By Telegraph.—Pross Association—OopyTiglit (Kec. December 15, 9.50 ji.m.) Melbourne, December 15. The first Commonwealth Loan Bill was introduced in the House of Representatives to-day by Mi. Fisher, Prime Minister ami Treasurer. Tho Bill provides for the raising of ■£2,1(i0,17G, of which it is proposed to expend ,£(100,1100 on Commonwealth offices in London, i;l,000,000 towards the construction of the Port Augusta-Kalgoorlio railway, and .£OOO,OOO on the acquisition of land for the Federal territory. Mr. Fisher said that though the measure was a Loan Bill, it would not be necessary to ask for money hero or elsewhere, as there were sufficient funds available under the Australian Notes Trust Fund to meet this expenditure. Tho fund was accumulating rapidly, and tho amount of interest available at the end of five years would bo at least X 1,000,000. Tho Government proposed to creato a sinking fund of one-half per cent, in connection with the loan. ENTRY ON A BIG POLICY. (Rec. December 10, 0.15 a.m.) Melbourns, December 16. The Loan Bill has been passed through nil its stages. Iho loan will be issned under the provisions of tho Commonwealth Inscribed Stock Act. Sir. Dcakin, Leader of the Opposition, in supporting tho measure, said it dealt with matters which could be no longer postponed, and marked the entry upon a big national policy of development.