AUSTRALIA'S PAPER CURRENCY.
The decision of the Federal, Treasury to issue a paper currencyVcertainly marks an epoch in the history of Australasian finance. How far such a conrse.of action will affect the credit of Australia in the eyes of the foreign money-lender remains to be seen, and the adoption by New Zea- . land of a similar scheme, no doubt, depends upon the success, or otterwise, that Australia meets with. The bankß. of course, cannot like the new departure, but as they are not in a position to prevent it they have no other choice than to put up with it. No country can be properly deyeloped without money; capital is essential to the success of every enterprise, worthy of such a description, and where railways and industries are State-owned a paper currency, or a State Bank, seem to be the inevitable and natural institutions of State progressive legislators.
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Wairarapa Age, Volume XXXII, Issue 10081, 29 June 1910, Page 4
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148AUSTRALIA'S PAPER CURRENCY. Wairarapa Age, Volume XXXII, Issue 10081, 29 June 1910, Page 4
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