AUSTRALIAN POLITICS.

Stratford Evening Post, Volume XXXIV, Issue 22, 19 September 1912, Page 6

AUSTRALIAN POLITICS.

(Received 10.40 a.m.) Sydney, September 19

The Assembly passed the Gas Bill in. its third reading by 30 votes to 25. Mr Griffith, in a statement regarding public works, said that never in the history of the State had there been so many railways, irrigation and harbour works, and schools in course of construction. Canada was borrowing £40,000,000 for canals and docks. China wants £80,000,000 for railways. Germany was borrowing for battleships. And the result was a scarcity of money on the London market. Although it was unlikely, he said, “we may possibly be compelled, until money cheapens, to bold up some of the railways and works. We were lately getting all our loans locally, which was good policy so long as it did not denude the local market. If we bought £IOO,OOO worth of rails in England and America- with the money borrowed locally that would mean exporting capital. That policy had gone far enough and we must import capital until matters adjust themselves.”