FEDERAL FINANCE.

Gisborne Times, Volume IX, Issue 873, 24 April 1903, Page 2

FEDERAL FINANCE.

STATESMANLIKE REPLY OF SI. GEORGE TURNER.

UNFORTUNATE STATE BEGGAR,

By Telegraph— Press Association—Copyrigh: Received 1 a.m., April 24. Sydney, April 23.

Sir George Turner, Federal Treasurer, commenting on tho Premiers’ Conference, said that he could not take over the loans straight away. In tne interests of the Commonwealth, which were the interest of every State in tbe Federation, ho must borrow on the best possible terms. Whatever was done with the first loan would form a kind of standard of the value of its stock. In justice to the States it would be tho height of lolly to go on the London market- at un unfavorable time, lie would be quite Willing to take over tne debts without the railways. The fedoralisiug of the railways was a thing which should not be rushed. He would recommend that Government put through a Bill to take over tbe debts when a suitable opportunity occurred. In reference to the Premier’s suggestion ot payment lor property taken over by the fi’eaeral Government, he considered the proposal absolutely and utterly out of the question. He was not going on the London market to ruise ten or twelve millions to hand over to the States. Certainly he was not going to hand over Commonwealth bonds for works which were practically con structed out of loan inuueys If mgave the tne States Ounds nothing nr tne world prevent any needy Treasurer, instead of going on the London uiaikut, simply putting our stuck un the aud selling it. Personally he would have no objection to working out a scheme for taking over the buildings when a proper va.uatton had been arrived at, and then taking over irom each State a proportion ot tneir debts calculated on the same unitorm basis.