COMMONWEALTH FINANCES

Hokitika Guardian, 9 November 1928, Page 7

COMMONWEALTH FINANCES

POSITION' RKVIKWKI)

bMAIIGRAN'TS FIiOAI BRITAIN'

AUCKLAND. Nov. 0

'i'ln* man whose signature appears on the Commonwealth hank notes o! Australia arrived in Auekland by the

Mamma this morning. He is Air .J. T. Heathershaw. ponnai'e.,l lieatl ol the ComnioiiweaKh Treasury. lie is looking forward to a holiday in New Zealand. Mr ! leather.-shaw has supreme eon tidence in the future of Australia.

‘•.Most people in this part ol the world." lie said, ‘‘were aware ol a sense of depression last year, hut I can assure you that in Australia Llie outlook is now brighter. The prospect of an excellent wool clip and a ven good wheat harvest indicates that conditions will soon he normal. 'I he agricultural and pastoral parts ol Australia have been wonderlully favoured by timely rains. This is especially so in the .southern parts, where beneficial rains have fallen during the last few weeks. A good harvest is assured.”

Speaking of the financial condition of Australia, Mr Moathershaw said that an indication of bright prospects was found in the fact that the conversion of the war loan of £21,000,000, which matured in September last, was completed some weeks before maturity. As Commonwealth war loans money was provided in Australia this, of course, did not take into account the indebtedness ol the Commonwealth to Croat Britain. Air lleathershaw said that the visit last year of .Sir Krnost Harvey, Controller of the Hank of Kngland, had encouraged the idea of central reserve hanking. Sir Tiniest had carried out a s'lies of discussions with the directors of the Commonwealth Hank and with the heads of trading hanks.” All f can say on that rpiestion,” said the. visitor, “is that matters connected with hanking in Australia are developing more satisfactorily.”

Referring to tin l laet that the Commonwealth and States are now operating through the Voluntary Loans Council. Afr lleathershaw said that last year they borrowed up to their complete programme.” ’I his is the first time for many years,” lie added, “that there have been no arrears ol borrowing carried forward. An agreement lias been entered into regarding the transfer of State debts to the Commonwealth, and under this agreement the Loans Council will he properly established, subject to constitutional amendment, authority lor which is being sought from, the electors simultaneously with the Federal election on the 17th of this month.” One other sign of development in Australia, Afr Heathershaw said, was the manner in which British immigrants, who were entering in a steady stream, were being absorbed into Hie agricultural and pastoral life of the country. Ho referred to the throeparty agreement between the Commonwealth, the States and the British Government, involving a scheme of £34,000,000 for assisting the settlement of British immigrants in Australia. The British Government and the Commonwealth Government shared the interest burden with the States for the first ten years and thereafter the States would pay the whole of the interest on the loan.

“On tli(> whole.” said Mr Ifoathersliaw. “the immigrants are making eoud in the rural parts of Australia, ■ilid there is no fjiicsLion that the bringing in ol now settlers from Xsl it—--21 iii is the host way of continuing the process of developing the. country.”