AUSTRALIA'S CREDIT.

Auckland Star, Volume LXI, Issue 65, 18 March 1930, Page 7

AUSTRALIA'S CREDIT.

Council for Rehabilitation Proposed. FEWER IMPORTS NECESSARY. SYDNEY, March 17. The Premier of New South Wales, Mr. T. R. Bavin, in a speech at Randwick suggested the formation of some kind of Economic Council for the rehabilitation of the Commonwealth's credit abroad. He agreed that some reduction in imports was necessary and expressed the opinion that a reduction ill the costs of production, as distinct from a reduction in wages, was imperative. In no other way was it possible to sell goods abroad. Mr. Bavin appealed to employer and employee alike to face the facts. AIDS SUGGESTED. Gold Exports Plus Restriction on Imports. AVERTING FRESH BORROWING. (Received 10.80 a.m.) LONDON, March 17. The ''Financial News," in a leader, says that Australia's gold exports, coupled with a discriminating restriction of Imports, should go far to ease the exchange position and avert the need for fresh borrowing. If gold reserves were further mobilised and exported they should at least permit the removal of restrictions causing inconvenience, even hardship. CREDITS AVAILABLE. FOR FARMERS AND SETTLERS. (Received I.SO p.m.) CANBERRA, this day. Mr. J. H. Scullin, Prime Minister, announces that,the Commonwealth Bank will make credits available to savings banks, rural banks, agricultural banks and other institutions advancing money to farmers and settlors periodically. Such credits will not be disclosed, but they are to be used for short-dated advances to aid cropping or developing any primary or secondary industry commanding a remunerative market. It is expected that this will enable increased production to absorVthe unemployed.