GRAVE POSITION.
N.S.W. PUBLIC FINANCE. \ V , /.. FEDERAL LEADERS’ CONFERENCE. (United Press Association —Copyright.) (Received This (Day, 9.45 a. 111.) SYDNEY. This Day. A conference was held during the week-end between the Prime Minister (Mr J. H. Scull in), the Federal Treasurer (Mr E. G. Theodore) and the State Premier (Mr T. R. Bavin), and the State Treasurer (Mr Stevens) concerning the grave financial position or New South Wales, due largely to the prolonged disastrous coal dispute and the serious decline in wool prices. The discussions were lielcj/ in private. Mr Bavin stated afterwards that the State’s difficulty was in obtaining loan money for continuance of public woiks. If money for this purpose could not be obtained, drastic retrenchment would have to be considered. Finality however, was not . reached. The Prime Minister had emphasised the desirability of finding a settlement of the coal dispute as an incentive to investment in loan issues and the restriction of confidence in Australia. Mr Scullin described the whole problem of obtaining finance for all the States as very serious. The conference has not concluded.
CONVERSION LOAN ISSUE.
COMMONWEALTH OPERATION. (Received This Day, 9.45 a.m.) SYDNEY, This Day. The Commonwealth Government has announced the terms of toe conversion loan of £10.600,000, which is falling due on March 15. The terms are: Interest at the rate of 6.per. cent, at oar, with a currency of seven years. The National Debt Commission will provide out of the sinking fund £1,100,000, leaving £9,500,000 to be provided for. Holders of the 6 per cent, loan of £60,000,000 maturing on December 15 next will also have the opportunity to convert.
COMMONWEALTH CUSTOMS DUES t RECEIPTS DECLINE IN JANUARY. /Received This Day, 10.15 a.m.) CANBERRA, This Day. The Customs receipts fell off in every State of the Commonwealth last month. The total, £3,371,000, was more than £250,000 less than for January, 1929. The Collections for the last seven months, however, amounting to £26,486,000, show an increase of £1,879,000 on the similar period of the preceding year.
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Bibliographic details
Ashburton Guardian, Volume 50, Issue 96, 3 February 1930, Page 5
Word Count
334GRAVE POSITION. Ashburton Guardian, Volume 50, Issue 96, 3 February 1930, Page 5
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