75-A
may be expected. On the facts before
me I am prepared to agree that that
assumption is reasonably well-founded,
but if there is a doubt as to the
revenue assumptions on which the
Treasurer's proposals are based, there
is obviously an equal degree of doubt as
to the desirability, at the present
time, of embarking upon a programme
of heavy expenditure on capital account.
3.
As regards the technique
of the borrowing programme put forward
by the Treasurer, the practice of financing
permanent works, on a large scale and for
considerable periods, from temporary
money, is objectionable on general
principle.
I note that the Treasurer
considers that the proposal to finance
the loan programme on the basis of
overdrafts