A SOURCE 017 EMBARRASSMENT.
There were two points, however, with which neither Mr: Hyde nor Sir. Alfred Lewis, nor, indeed (very directly), Mr. Andrew Williamson dealt in their speeches, namely, certain forces which are increasing the burden of fmancing legitimate activities. In the course of liis speech Mr. Andrew Williamson, however, went pretty near to the point that I have in mind. He showed, in the first place, that during .the past year there has been a heavy adverse balance of trade against Australia, and, during the last year or so, in addition to new loan and conversion opera- tions at hoiti,- New South Wales has raised in America loans amounting to nearly 100,million,, dollars, while there has also been a good deal borrowed in this country. Mr. Williamson, of course, clearly recognizes that in the case of a new Continent like Australia very much new capital must necessarily be required for development work. Nevertheless, those who have followed Australian finance with critical but syinpathetic interest will appreciate the force of Mr. Williamson's contention that " It is of vital interest to all concerned not only that the develop- ment works in Australia on which new loan money is spent should be wisely conceived, but also that fair value in labour and materials should be obtained for the money expended—in other words, that the charges which the Government pay and the material which they buy should be on a true and fair economic basis."
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