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.