Meyer Amschel Rothschild, der Gründer des Rothschildschen Bankhauses

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Monograph

Identifikator:: 1753937256

URN:: urn:nbn:de:zbw-retromon-129408

Document type:: Monograph

Author:: Lösener, Bernhard http://d-nb.info/gnd/122898427

Title:: Grundriß des deutschen Zollrechts

Place of publication:: Hamburg, Berlin, Leipzig

Publisher:: Hermes

Year of publication:: 1927

Scope:: 153 Seiten

Digitisation:: 2021

Collection:: Economics Books

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23. It has, we understand, been decided to complete the Hume Dam at an estimated cost of £4,000,000 to its full height as recom- mended by the engineering advisers of the Governments concerned ; and meanwhile the Murray River Advisory Committee has been sntrusted with the by no means easy task of advising on the ques- tion to what purposes the new areas of land, which will be made irrigable by means of the Hume Reservoir, can be profitably put, having regard to the difficulty of disposing of the produce from the irrigation areas already existing, and on the extent to which any profits which may fairly be anticipated from the new irrigable areas will outweigh the loss which must be occasioned by the sub- merging of valuable land already in use above the site of the Hume Reservoir, when the dam is completed. We cannot avoid the conclusion that much loss, now inevitable, would have been avoided if the whole series of problems involved in this scheme had been more exhaustively investigated at the outset. Even now it would seem worth while to consider whether the risk of loss in- volved in suspending the completion of the Hume Reservoir until the investigation now proceeding is finished may not be less than she risk of loss which would occur if the Reservoir should be completed and it should be found impossible to recommend any ase to which the waters conserved by it could in present circum- stances be profitably put. It might, for instance, be found to be wise, once the foundations have been installed of a character capable of carrying the dam to the full height ultimately contem- plated, to finish off the dam temporarily to a lesser height, and thus to save considerable sums of money while providing for the conservation of a water supply sufficient for all purposes which tan at present be foreseen. 24. A further general observation suggests itself. Ioan moneys raised overseas can only come to Australia in the form of goods. These goods are subject to the Customs duties provided for under the Commonwealth Tariff on importation into Australia, and are in this way taxed to an extent estimated at from 15 to 20 per cent. of ‘their value. The result is that this proportion of moneys borrowed abroad for capital purposes comes to the Commonwealth as revenue and is spent accordingly. This diversion of capital ‘unds to revenue is obviously bad finance. 25. We conclude then that while of course the Australian Governments must continue to borrow for the completion of schemes on which they are already embarked (excepting such, if there be any, as on a careful review of them do not appear likely to yield a fair return when completed on the fresh capital needed bo complete them), they should proceed very cautiously in the matter of the initiation of new schemes involving the expenditure of borrowed money; and should submit them before initiation to the most rigorous scrutiny from the point of view of their prospects Diversion of loan money to revenue. Suggested Jorrowing policy

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