IN PAWN TO AMERICA.
AUSTRALIA’S OVERSEA PAYMENTS
A MILLION A WEEK INTEREST,
“Australia is in pawn to America: — the price, £3OOO an hour.” Thus Mr J. Hume Cook, speaking before the Constitutional Club at Melbourne recently. He said that Australia was paying thatt sum every hour for motor cars, pianolas, gramophones, and other luxuries purchased from a country which did not want Australian goods. It was believed that nations settled their debts by exchange of goods, but that was not true of Australia. Australia’s national debt was now £1,103.000,000, on which they had to pay £1,000,000 a week interest.
They not only bad to export goods to balance current purchases abroad, but, in addition, sufficient to pay this interest bill. Australia, was in an awkward position. It was not settling its debts with gold or in goods, but by borrowing more money.
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https://paperspast.natlib.govt.nz/newspapers/HPGAZ19270620.2.22
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Hauraki Plains Gazette, Volume XXXVIII, Issue 5141, 20 June 1927, Page 3
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142IN PAWN TO AMERICA. Hauraki Plains Gazette, Volume XXXVIII, Issue 5141, 20 June 1927, Page 3
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