AUSTRALIAN POLITICS.

Gisborne Times, Volume X, Issue 1025, 19 October 1903, Page 4

AUSTRALIAN POLITICS.

BIGHT OVER THE FEDERAL

WORDS OP. WISDOM FROM AUSTRALIA’S TREASURER.

By. Telegraph—Press Association— Copyright. MELBOURNE, Oct. 17. The Tumut ami Bombala sections arc both very Jirm. The i'eelmg m Parliamentary circles is that they will neither give way, and though the Government invite a conference of the two Chambers there is not much likelihood of an agreement, Speaking at the Mayor’s luncheon, Sir John Forrest said that the most important question of the day ,was the Commonwealth taking over the State debts. Sir G. Turner was anxious to devise a means of transfer which would mean a substantial reduction of the eight millions paid annually in interest. Sir George Turner contends that the Qommomvealtn could not get the .Victorian loan converted on better terms than the State Government had done. When the State Trcassurer informed him of the necessity of renewing the loan, he communicated with the highest iinancial authorities, and the London market was then showing signs of breaking up, they advised that it was a very, unfavorable time for the Commonwealth to- commence loan operations. If he had taken charge of the loan the price paid would have been the standard for future loans, lie added that until the States come to arrangements with the Commonwealth which will place a check on future borrowing, and prevent cutthroat competition, also to provide a sinking fund for loans, the Commonwealth will not go on the market. . .