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OVERSEAS LOANS.
HINTS BY MINISTERS.
MR. FORDE'S WARNING.
Declaring that the references of the
Federal Treasurer before he left Perth
that during his visit to London he would
be exploring the position had created
tho impression that the Commonwealth
would seek a loan in London, Mr. F. M.
Fordo, M.F., deputy leader of the Federal
Labor party. Issued a warning against
this course before he left Melbourne for
Wagga yesterday.
"Many hints have been dropped here
and there," he said, "it is time to ask
whether tho Commonwealth Is going to
start on that mad career ol borrowing
In London which the Bruce-Page Go
vernment pursued for a number of
years, and which brought Australia to
the brink ot disaster. Having had some
experience of tho aftermath ol the last
orglo of overseas borrowing, and having
been n Minister of a Government that
had to grapple with the situation, I would
issuo a warning against the repetition of
such a policy."
If the Government desired to get out
of some financial embarrassment by
raising loans overseas Mr. Fordo con
tended that It would as a matter of
course put up the plea or the subterfuge
that It wa3 for tho purposo of finding
work for tho unemployed, regardless of
the fact that overseas borrowing created
unemployment in Australia. Money bor
rowed nbrond came to Australia In the
form of Imported goods, which displaced
Australian goods on tho Australian mar
ket. Thoy, in turn, displace Australian
labor. In addition to that, an overseas
loan would add to tho staggering debt
load, and would incrcnso the tribute of
interest to be paid overseas. Tho very
suggestion of an overseas loan was an
cvldenco of the failure of the Govern
ment IhaL it hns not soundly handled
Australia's finances
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