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THE AUSTRALIAN POSITION.
A very intimate and able survey of the position and pro. spects in Australia was provided by Mr. Andrew Williamson, Chairman of the English, Scottish and Australian Bank, at the annual meeting of that Institution on Wednesday. Mr. Williamson pointed out that Australia's critical position had arisen through over-borrowing and over-importing so that to meet the annual obligations of Commonwealth and State Governments a stum of about £36,000,000 a year was needed. When, owing to the decline in selling values of wool, wheat and other commodities, there was a decrease in exports of about £44,000,000, the immediate result was the disclosure of a shortage in the means with which to meet Overseas liabilities. Mr. Williamson, while applauding the magnificent response made by the Australian internal debt holders to the invitation voluntarily to convert their stock holdings to a lower rate of interest, was nevertheless critical of the coercion indulged in with regard to the fraction of less than 3 per cent. who dis- sented from voluntary conversion, an action, he said, which " has rather dimmed the glory of the success and has not strengthened Australian credit here." Mr. Williamson's speech was full of interesting facts and figures showing how the Australian trade position has improved, though he pointed out that the trade balance for the twelve months to June 30th last is still a long way short of the amount required to provide for Australia's external obligations and during the last two years Australia has exported about £40,000,000 of gold, a process which cannot be repeated. Nevertheless, since Great Britain was forced off the gold standard, Australia had gained by the rise in the world price of practically all her exports.'
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