The Loan Council has accomplished this by eliminating competitive borrowing, and by restricting total borrowing to the funds available for investment. In this way interest rates have been Kept, within reason~ fable Limits, and industrial investment has not been handicapped by competitive public borrowing.
"The Council consists of the Prime Minister, the State Premiers and their: respective Treasurers. The Council meets periodically, and loan submitted, adjusted fand a final agreement on'toans for the ensuing year is placed before the Board of the Commonwealth Bank.
TE the Board approves, It agrees to underwrite the loans. -I¢ not, Submits alternative plans to ' the Council, and a compromise is even~ tually reached.
"Grabbing All the Money"
Meetings of the Council follow a well-worn path, The States accuse the Commonwealth of "grabbing all the money." The smaller States lay similar charges against New, South Wales and Victoria, both "liberal spenders." The Council then invites the Bank to underwrite larger Joang than are really needed. The Board reduces the amount, The Premiers indignantly accuse the Bank Board of exercising a fin-tone sees pictures of Stalin hanging over and windows. They remind one of the thons that one saw everywhere in the old days and they probably serve much the same pur-But what the Russian people cally think about it all is hard to say, Naturally they do not open {hele hearts on such a delicate subject to any foreigner, even if he can speak their language.' I" Smagin however, that the so-called "terror, the "purges" and all the rest do not' really touch' the lives of the great mass of the people and only affect 2 very small fringe at the top.
Text read from the printed page and cleaned; old type leaves the occasional error.