FINANCIAL POSITION OF AUSTRALIA

Dominion, Volume 12, Issue 102, 24 January 1919, Page 5

FINANCIAL POSITION OF AUSTRALIA

A SERIOUS OUTLOOK

AN EMPIRE WAR DEBT

COMMISSION

'SCHEME OUTLINED BY FEDERAL .'. IRMURER

By Telegraph"—Frees J,-ssooift i tio.n'-.C<)p.Y.right (Rec. January 23, ;10;20 .p.m.) Melbourne, January .23. At a ,of Fjsd.qral ,and .State Ministers, Mr. W. A- 'Watt 0f&-. ,e,«tl Trea;3.urei : il .d.qajt .witli\the;jiiinnc.ia,l posjtip.n. iHe .fiftid -the outlook. ;fpr it.he iCpmnipn>v L ealth v;as eeripiis, ;anjl jr.Gd.uced leveiine from itay.fttip.n, -.-yishile ithe .expenses ,pf the ,A\istrilißn Army ih'atl fept jip, .nnd ireSpatrnaJiipn , ao\# .cpst.sc.pres of ;milj.ipns .pf 'PPAinfis. jn -,v.iew ( qf 'these tfnptp.rs -,tho iGo.mmo.PWfiaith -p.ro.posed to ilintinjsth. the jB-fisent p.wmeat ,of 265. per 'head p.f -the .aurplus jceyeiiue :to the .Status prpgr.ejsively ".by 2s. .6d. si y.ear until it f.e"ache.s IQs. per. hend in 3,5)26. ■Mr. i\Y(itt .added :tjmt or ilatflr the -iSjbates vtonld. have -to .do -.without .iOPiV ipflnimp.njv.ealth ')*?}}>• %w seduciis.pn \wpuld ;not iStAiit ;till tho financial .y«ar:3..950 : 21. . Beaming ..with.#e :iuprease pi the iCp.m.mpiiwealth ture, Mr. Watt said there had ba.e.n .-an linprease .of v over- tw> '.niij.li.o;is in pensions. In-the early istagee of the scheme -many were .re--fused. Now- .oyer ;G9 'per cent. ,o.f those .entitled -to ■pens.ipns accop.ted them. : .Mα , . "Watt indicated that the •maternity -in ;future -would ibe cenfined to those jrealiy it. - .Qn the fluestjpn of .corp.r.dinatmg ibor-'.lOKinj;.-Mr. "W.&A ii echemo for ithe ..oreatiori .of an Empire . War ;.Debt Commissipn, to, take \p.ve,r -the war jdejits ,of >th"e :TJnite(l Kingdom, -the dpminipns., an.3.other 'parts\pf the 'l!m----'pixfi, .each (.Government hpnug irepreo# tlje Commission,' ana nil .debts (it Jtecember 31 ix«st if> 'be tpiken pye.r, and ,aH isinking f,unds and •tipn funijs then .existing to ibe -vested : .in the 'funds L of tie .Commission. ;Mr. AVatt stated that the (Jovern.m.ent .yras making the flecea.sary -xepre■sentaijons -jto -the various Governments recpmraendiflg the'.adoption .of the proposal. Kβ iindicaW tlie pqs.9,ibility ,pf including .the ' «araous .State (debts .as part of the scheme.— .Press Aesn. .'■..'