Report of the British Economic Mission to Australia

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Monograph

Identifikator:: 179824683X

URN:: urn:nbn:de:zbw-retromon-182286

Document type:: Monograph

Title:: Report of the British Economic Mission to Australia

Place of publication:: London

Publisher:: His Majesty's Stationery Office

Year of publication:: 7th January 1929

Scope:: 63 S.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Main problems

Collection:: Economics Books

ynsultation ith Banks. he evelop- lent and ligration ommission. figration. 33. When loans have to be placed it is in our judgment essential shat the Banks and other financial authorities, and particularly in the case of loans placed in London the Bank of England, should be consulted, sufficiently long in advance, as to the time at which and the terms on which they should be raised, and that the objects of sach loan should be fully explained in the prospectus of it; but we do not apprehend that there can be any obstacle to compliance with ‘hese conditions. 34. In the second place we welcome the creation of the Develop- nent and Migration Commission and of the Council for Scientific ind Industrial Research. So far as borrowing by the States is con- erned, the Development and Migration Commission has a definite ‘ocus standi only when it is proposed that a loan should be raised ander what is known as the £34,000,000 Agreement, to which we shall have occasion to refer again hereafter, because the Develop- ment and Migration Commission is a body created by and responsible to the Commonwealth Government, and it is only when State loans are raised under the £34,000,000 Agreement that the Commonwealth Government is directly concerned in them. Never- theless there is, naturally and properly, a strong inducement afforded to State Governments wishing to borrow for schemes of development to bring their schemes within the scope of the Agree- ment because of the material assistance given under it by the British and Commonwealth Governments; and the machinery pro- vided through the Development and Migration Commission for the preliminary investigation of such schemes is well calculated to ensure that they shall be of the character which we have indicated above as being, in our opinion, necessary. The Development and Migration Commission is in a position not only to bring its own critical faculty to bear on the projects laid before it and to give its valuable services for their perfection, but also, working as it does through Committees established in each State, to secure that collection and co-ordination of available knowledge before schemes are undertaken which, as we have said, has too often been lacking in the past. The Development and Migration Commission is, in short, the nucleus of combined and co-ordinated effort for prudent development ; and for the work which it has done upon the subjects especially referred to it by the Commonwealth Government, as well as for what has been done in consequence, we have nothing but praise to offer. We hope that the example set by it in the sphere in which the Commonwealth is directly interested will be in- creasingly followed in the field of individual State action. 35. The Commission, however, owes its origin to the interest taken by both the British and the Commonwealth Governments in the problem of migration from Great Britain to Australia. This problem of migration requires special attention at our hands. We appreciate the aim of the British Government and we applaud the offorts which are being made to further it through divers agencies.

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