od 
sconomic results or without adequate preliminary investiga- 
tion of the schemes themselves. She has been mortgaging 
the future too deeply and would do well to restrict her ex- 
penditure of borrowed money for development, notwithstanding 
the inconveniences that must follow from deflation, and to 
leave the field more widely open to private enterprise. 
(Paras. 8 to 31.) 
(4) Public accounts should be prepared in such a way as 
to make clear what is the exact financial position of each 
Government undertaking. (Para. 16.) 
(6) A proportion of loan moneys raised overseas accrues 
to the Commonwealth as revenue and is spent accordingly. 
This is bad finance. (Para. 24.) 
(6) We believe that there will be substantial improvement 
in the future arising from— 
(a) The validation of the Financial Agreement and the 
sgtablishment of the Loan Council; and 
(b) from the work of the Development and Migration 
Commission and of the Council for Scientific and In- 
dustrial Research. (Paras. 82, 34 and 41.) 
(7) Banks and other financial authorities, and particularly, 
in the case of loans placed in London, the Bank of England, 
should be consulted in advance as to the time at which and 
the terms on which loans should be raised; and the objects 
of each loan should be fully stated in the prospectus. (Para. 33.) 
(8) Present circumstances in Australia are not favourable 
to migration, and recent figures of assisted migration show 
a sensible decline, but good work is being done to promote 
it, especially in regard to the migration of children, young 
people and women for domestic employment. (Paras. 35 
nd 386.) 
(9) The scope of the schemes likely to be approved under 
the £34,000,000 Agreement is comparatively narrow, and those 
States in particular which are mainly concerned with primary 
production are likely to be embarrassed in fulfilling their 
obligation to accept a specific quota of migrants in respect of 
sach scheme. (Paras. 87 and 38.) 
(10) We consider that the Agreement might be amended 
and the period of its operation extended so that the funds 
available under it might be used for work calculated to pro- 
mote migration into Australia generally, without conditions as 
to specific numbers of migrants into any State, e.g., for 
scientific research and for large scale experiments to test its 
“esults before they are adopted. (Paras. 39, 42 and 43.) 
(11) The more intensive use of land already in occupation 
in Australia is a matter of the greatest importance. This 
should be promoted by scientific research and will increase 
she country’s wealth more surely and rapidly and more