AUSTRALIAN DEBTS.
THE PROPOSED CONSOLIDATION. By Cable.—Press Asso: iation.--Copyrighl Ixmdon, October 11. The Financial Times declares that the passing by Australia of the Debt Consolidation Hill will be a matter for congratulation all round on the grounds of patriotism and Imperial unity an well as for it« sound financial principles.
The object of the Bill, said the Federal .Ministers during a debate on the measure, was to take over the deots which had accumulated up to date, amounting to £250.000,000, which would involve an annual payment of £3,170,000. Members of the Bank of England and other high financial auth. orities stated that the taking over of these debts" anil tlie handling of one single Australian stock must necessarily mean a very large gain to Australia. The Bill would not bind the Commonwealth tu anything; Init it was the intention of the Government to use the power it conferred for the benefit of the people.
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https://paperspast.natlib.govt.nz/newspapers/TDN19091013.2.22
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Taranaki Daily News, Volume LII, Issue 212, 13 October 1909, Page 2
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154AUSTRALIAN DEBTS. Taranaki Daily News, Volume LII, Issue 212, 13 October 1909, Page 2
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