Australian Economies The Commonwealth Labour Government is to be congratulated
on the success of the voluntary conversion of the loans held in Australia. Out of a total of £550,000,000 it is believed that £450,000,000 will be converted. Holders of £11,000,000 stock have, refused to accept a lower rate of interest. The saving to the Commonwealth will amount to several millions a year, and Australian credit has already improved. Equally significant of the determination of Australians of all classes to restore their country's prestige is the decision of the Labour executives to agree to reductions of wages where necessary. It may be hoped that their decision will be noted by their fellow trade unionists in this country, who still seem as reluctant as Australian Labour was a year ago to admit that there is a financial and economic crisis calling for all-round sacrifice in the interests of the community.
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