PREMIER’ CONFERENCE.

Rangitikei Advocate and Manawatu Argus, Volume XXXIII, Issue 9135, 2 May 1908, Page 5

PREMIER’ CONFERENCE.

SPEECH BY MR DEAKIN

Press Association —Copyright, Received May 31,0.30 a.m. Melbourne, May 3. Mr Deakin aud Sir W. Lyne attended the Premiers’ Conference. Mr Deakin outlined Government proposals on financial questions. Referring to the Braddon blot, he declared that financial federation was intended to bo real, although temporarily postponed perhaps by the operations of the Braddon danse. The federation of their finances should he carried out soon, aud as far as possible. This did not mean fusion. On the contrary it had been recognised ;;for some time as a very desirable thing what within certain limits there should be as far as possible complete separation of tho finances of the States aud Commonwealth.

Mr Deakin urged that the continuation .of separate State debts, and creating of new State debts would prove oxepnsive, aud suggested that one Australian stock should be substituted for all existing stocks, and floated at a fixed rate of interest. He anticipated that the price of that stock would be reduced to a minimum. His scheme would be found to contain complete proposals as to present indebtedness, and future borrowing. Amongst other things it would relieve three States of paying old age pensions. The full scheme will be presented next Tuesday, when it would be submitted to the Federal Parliament unofficially. Tho scheme proposed to transfer the whole of the State debts, the States to retain railways and ocher public works free of debt. In future State borrowing would be made through a 'special Commission, so as to interfere as little as possible with State initiative, the Staces were to find interest on all new loans.

The Premiers were disappointed at the want of definiteness in Mr Deakin’s statements.