QUEENSLAND'S CREDIT

Dominion, Volume 13, Issue 258, 26 July 1920, Page 5

QUEENSLAND'S CREDIT

♦ CAPITAL WILL BE SUPPLIED IF STATE CONTRACTS ARE SACREDLY OBSERVED (By Telegraph-Press Assooiatlon-CopyrigM (Rec. July 25, 5.5 p.m.) London, July 23. At a meeting of tho Australian Estates and Mortgage Company, Sir Archibald Williamson, tho chairman, referring to the speech made by Mr. Theodore (Premier of Queensland) at his farewell dinner, said: "The Mother Country will supply all the capital Queensland wants for developing her resources, on one condition, that State contracts, whether with State creditors or individual lessees, are sacredly observed. The credit of any State must suffer from legislation which fails to observe tho elementary conditions of good faith. No one wishes to interfere with Queensland's sovereign rights or see tho development of this magnificent State retarded for lack of loan money; but if these sovereign rights are so exercised by the Queensland Government as to deprive any of the State creditors of rights on the faith in which they had been induced to invest money, tho Government cannot complain if the result is to stop the flow of further capital to Queens-land."—Aus.-N.Z. Cable Assn..

[Mr. Theodore said he hoped that England never thought that Queensland ■woMld repudiate her obligations, but, on the other hand, that Queensland, like any other self-governing Dominion, would never ahdieate the functions of self-government. He passionately _ repudiated the action of capitalists in endeavouring to exercise control over the Government, and bitterly resented an. attempt, by'a fow persons to prevent other people investing in Queensland, and to •ntimidate them and his Government from adopting a policy that vras not approved of "by city interests. It was unfortunate for Queensland particularly, and for Australia in general, that local political fights should bo carried into the city of London. The self-governing Dominions should bo left to settle such questions for themselves.]