Canberra, Aug. 6.
One of the biggest and most drastic" financial operations history has finally been approved and comes into operation on August 10. 'Tt'is the Debt Conversion Act and forms part of the rehabilitation plan framed by the Austra-lion Premiers' Conference last June.
Tt provides for the compulsory conversion of the whole of Australia's internal debt, amounting to, $550,000,000, at a lower rate of interest, averaging 4 per cent.
Consideration will be given to individual cases of special hardship. The Commonwealth revenue is expected to. benefit to the extent of $6,500,000 annually.—Through Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.