opened with a critical state of affairs, -both politically THE
OUTLOOK. and socially, • in New South Wales, while it closed with - Concerning this larger question of the financial and commercial outlook, Mr. Williamson's remarks were also harmony in plan and in practice between all the Govern- inents. It was in truth a case of adversity . bringing much to ;the point: He recognized that the causes of together the best politicians out of both Parties. The depression arc not one but many, and while perceiving that an increase in world purchasing power is to be desired position which had to be faced was a most critical one, he resolutely opposed a policy of inflation. Incidentally, for over a period of -years the national income had 'fallen from about 1650,000;000 to 1450,000,000, while the Chairman of the English, Scottish and Australian inflow of borrOwed money which during the decade up to Bank Pointed out that among the many causes connected Jane . 30th, 1930, had averaged over £20,000,000 per with world depression we cannot leave out of consideration the effect produced- upon the buying , power of many annum had ceased entirely. The Federal and State Governments were all living beyond their means, and of approximately £27,000,000, and on the top of these, -coal international con- ditions Australia was hit vitally by the slump in world iideration of the problem of silver. In fact, it is evident that the Chairman of this important Australian Bank prices for her primary products.
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