AUSTRALIA: Unbalanced

Like an outraged uncle faced with the unpaid bills of a spendthrift under- graduate, Sir Otto Ernst Niemeyer, officer of the Bank of England, member of the financial committee of the League of Nations scolded the assembled State Premiers of Australia last week. Then, relenting, he promised that the Old Lady of Threadneedle Street would come to their rescue. "Australia," said Sir Otto severely, "is off its budget equilibrium, off its exchange equilibrium, and is faced with considerable internal and external unfunded and maturing debts. The credit of the country is at...

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