Part 2 — CHAPTER III.
Reading edition
CHAPTER III.
PUBLIC FINANCE (1884-1893).
The Ten-million Loan.—Ministers Practically Granted Control of Five Years' Loan Money.—Vigorous Railway Policy.—Effect of Over-spending.—Inflation of Values.—Increased Taxation.—Succession of Deficits. —Second McIlwraith Ministry.—A Protectionist Tariff. —Temporary Increase of Revenue.—Heavy Contraction in 1890.—Another Big Loan; Failure of Flotation. —The First Underwritten Australian Loan.—Amended Audit Act Limiting Spending Power of Government 39-42