COMMONWEALTH FINANCE

Dominion, Volume 13, Issue 143, 12 March 1920, Page 7

COMMONWEALTH FINANCE

PUBLIC' BORROWINGS WELL' BACKED' BY ASSETS. New York, March 10, The New York Bankers' Club entertained Mr. Mark Sheldon, Australian Commonwealth Commissioner in the United States, who made a speech upon Australian public and private .finance before 'an audience of 250 prominent bankers and financiers. Mr. Sheldon, took occasion to answer many questions which had been raised concerning Commonwealth finance. Ho said that Australian public borrowings were splendidly backed by tangible assets, such as. railroads and public improvements, which had opened up the continent. Australians, be said, purchase Commonwealth bonds as permanent safe investments. It is natural that while tho exchange between the United States and. Britain is adverse there is more in trading between members of the British Empire : and eventually, by a co-operative movement, tho exchange situation will be adinstcd. Mr. Sheldon's 6peech is favourably received by tho newspapers—Aus.-N.Z. Cable Assn. MORE LOAN MONEY NEEDED. Melbourne, March 11. Mr. W. A. Watt- (Federal Treasurer), sneaking in Committee of Supply in the House of Representatives, stated that before long it would be necessary to provide more loan ' money, cither here, or abroad, for belated war expenses, repatriation, and shipbuilding. Mr; M. Williams (leader of the Country, Partv) moved an amendment that tho amount of Supply be reduced by half, stating that his reason was to bring about a return of Parliamentary control of the public purse. Sir Joseph Cook announced tlint the Government, in view of the cable delavs, was considering tho necessity for the- creation of a wireless service.—Press Assn.