AUSTRALIA’S TASK

Ashburton Guardian, Volume 51, Issue 206, 13 June 1931, Page 5

AUSTRALIA’S TASK

FINANCIAL REHABILITATION.

ECONOMY PLAN ACCEPTED.

FEDERAL LABOUR CAUCUS VOTE

(United Press Association—Copyright) CANBERRA, June 12,

The Federal Labour Caucus, by 26 votes to 13, has endorsed the economy plan of the Premiers’ Conference. Immediate steps will be taken by the Government to enact legislation giving effect to its part of the plan. COMMONWEALTH BONDS DECLINE. THE SYDNEY STOCK EXCHANGE. (Received This Dav, 11.15 a.m.) • SYDNEY, This Day. Commonwealth bonds are declining heavily, pending an announcement regarding the incidence of the conversion loan on individual issues. Prices fell as much as 70s. N.S.W. MINISTERS' SALARIES. DEPENDENT ON CONVERSION PLAN. The New South Wales Labour Caucus has adopted Mr Lang’s report on the financial plan evolved at the Premiers’ Conference. Mr 'Lang has assured his Ministers that their salaries will not be cut until the success of the Federal Conversion Loan has been achieved. Allowances aggregating £19,907 per annum are paid to the thirteen members of the New South Wales State Cabinet. Each member of the Legislative Assembly receives £743 15s a year. STOCKS HARDEN IN LONDON.

(Received This Day, 12.5 p.m.) LONDON, June 12. Australian stocks hardened! further, notably Victorian five per cents., in which dealings were recorded at £65, and New South Wales 3J per cents, at £45.