LOANS AND PUBLIC WORKS.

Dominion, Volume 5, Issue 1550, 20 September 1912, Page 5

LOANS AND PUBLIC WORKS.

POSITION IN NEW SOUTH WALES. By Telegraph—Press Association—Copyrieht Sydney, September 19. Mr.' Griffith, Minister for Public Works, made a statement in the Legislative Assembly yesterday regarding public works. "Never in tho history of this State," he said, "have there been so.many railways, irrigation, and harbour works, and 6chools under construction. Canada is borrowing ,£40,000,000 for canals and docks, China wants J:80,000,000 for railways, Germany is borrowing for battleships, and the result is a scarcity of money in the London market. Although it is unlikely, wo may possibly bo compelled, until money cheapens, to hold up some railway works.' We have lately been getting all our loans locally, which is good policy, so long as it does not do.nude tho bcnl market. If we bought one hundred thousand pounds' worth of rails in England or America with money borrowed locally that would mean exporting capital. That policy has gone for enough. We must import capital until matters have adjusted themselves." CARE NEEDED. (Rec. September 20, 0.55 a.m.) Sydney, September 20. Mr. Griffith was heckled in tho Assembly regarding his tight nionoy statement. He declared the Government did hot. oontemplate tho cessation of the present public works under construction, but would have to be very careful about aiew ones until the money market eased.