AUSTRALIA

Taranaki Daily News, Volume LVII, Issue 138, 4 November 1914, Page 5

AUSTRALIA

LOAN AUTHORISATION. Received 3, 11.45 p.m. Sydney, November 3. ■ The Legislative Council passed- the Loans Interest Bill, empowering the Government to borrow at over 4 per centum.

Mr. Flowers explained that the Bill was necessary, arising out of the war, and operated for a year. He hoped to borrow at a reasonable rate, perhaps at 5 per cent.

PRICES OF COMMODITIES. Received 3, 9.20 p.m. Sydney, November 3. Cabinet endorsed the Commodities Commission's report, raising the price of wheat.

CONSERVATION OF RESOURCES NECESSARY. WHERE WOULD AUSTRALIA BE? IF BRITISH FLEET WERE BEATEN. Sydney, November 3. Mr. Justice Hcydon, in the Arbitration Court, discussing a suggestion for the suspension of awards during the war, said that broadly it was a question of conserving resources. It was a time to reduce expenditure upon matters which wasted the wealth of the community and to increase the expenditure on mutters which created wealth and encouraged enterprise. As a simple illustration, the German people to-day were putting a •irreiit deal of hope 011 an organised attack on the British fleet. Suppose they succeeded, tvacrc would Sydney and Melbourne be. with vessels with powerful guns outside, and perhaps troops landed, demanding a war indemnity of fifty millions from each city. Where you would be then is the position that the Empire finds itself in to-day. It calls for serious consideration and the careful conservation of resources.

The papers publish the Belgian Com mission's full reports 011 German atruci ties, supplied by the. Belgian Consul.

The termination of the moratorium to-morrow is regarded favourably.