AUSTRALIAN SUMMARY.

Taranaki Daily News, Volume XXXXV, Issue 99, 24 April 1903, Page 3

AUSTRALIAN SUMMARY.

PER PRESS ASSOCIATION. Received 24, lam. Sydney, April 23. Sir G. Turne-, in commenting on the Premier's Conference, said he could not take over tbe loans straightaway, in the* interests of tbe C mmonwealth. Every State in the Federation must borrow on the beat posuble terms. Whatever was done with the first loan would form a kiud of standard of value I

ofitsstcck. In just'es. fo <he Stites it would be the height of folly to go on the London market a* an unfsvor bio

time. He would be quite willing 'o take over the debts wiihouS the railways. Fsderalising the railways was a thing which should not be "rush d. He would recommend the Government) to put through a Bi 1 to take oyer the debts when a suitable opportunity occurred. With reference to the Premier's suggestion as to paymsnt for property taken over by the Federal Goveromenr, he considered the proposal absolutely and utterly out of the question. He was not going on the London market to ru'ee ten or twelve million to hsnd over to tbe ; States, and he was certainly not going to hand over Commonwealth bo?ds for I works which were practically constructed out cf loan moneys. If he gHVu the States eucb bonds, nothing in the world w.iuld prevent any needy Treasurer, instead of going on the London market, simply putting our s*«ck on the maiket and selling it. Personally, he would h*ve no objection to working cut. a scheme for taking over fcuil lings when a p< valuation was artived at, and then taking over from each R-.ato a proportion of tbeir deb?s, calculated on tame uniform basis.