TILE AUSTRALIAN BUDGET.
If only for the reason that I have had occasion in these columns from time to time-to criticize prodigality in Australian expenditure, I am the more glad to congratulate the present Administration in Australia upon the courage displayed during the recent severe exchange crisis. So far as the past financial year is concerned, an apprehended deficit has been turned into a realized surplus, while for the comingyear a prospective deficit has been turned into a small prospective surplus by further economies in expenditure. Moreover, a further good feature of the new Budget is that all import prohibitions are removed and the tariff decreased on many items, while the City welcomed the assertion by the Commonwealth Premier that the exchange rate is to be controlled by the Commonwealth Bank free from any kind of political interference.
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