AUSTRALIA'S POLICY

Evening Post, Volume CXV, Issue 73, 28 March 1933, Page 8

AUSTRALIA'S POLICY

CONFIDENT OUTLOOK

USE. OF TREASURY"BILLS

; An outline of the steps which Australia had taken to stabilise her economic position during the'world "depression was given by Senator Massy .Greene, Assistant Treasurer in the Commonwealth Government, ■; during the epurse of an'address.today to the Wellington Eotary Club. In his opinion, Australia had now'"turned, the corner," and her_ position was better today than it was- when she entered' the slump. The address followed the lines of an address delivered by Mr. Greene to the New Zealand Travel Men's League last week. . '

Senator Greene said he had noticed that one. Australian paper had stated that the Commonwealth Government, by the issue of Treasury bills in Lbn-' don, had improved its London balances and also its imports. That paper did not know what it was talking about1,1 because the amount of Treasury bills in London today was less than the amount two years ago. They had carefully avoided the issue of Treasury bills for. the purpose of making advances for, imports. "Whaf they had aone was to improve. the internal position by the issue of bank credit within certain, limits, and this was perfectly sound. They had not increased London funds for import purposes, as that would have been unsound finance, and he did not wish them to gain the idea that his Government had indulged in unsound practices in order to obtain a greater volume of imports and thus gain more revenue. . ; .