N.S.W. ELECTIONS.

Auckland Star, Volume LXI, Issue 222, 19 September 1930, Page 7

N.S.W. ELECTIONS.

Mr. Bavin Undertakes to Balance Budget. ♦ SACRIFICES NECESSARY.. (United P.A.-Blectric Tclegrapi-Cojjyright) ■ SYDNEY, September 18.

The Premier of New South Wales, Mr. T. E. Bavin, this - evening delivered his policy speech before a crowded audience at Ivillara, a suburb of Sydney. It embodied ' all the points cabled yesterday.

Mr. Bavin said liis Government sought approval of the financial agreement reached at the Premiers' Conference. He warned the; electors that if; that agreement were repudiated by ariy r or' all of the States there would be' no escape from disaster. Therefore they were fighting in this State the battle of the whole of Australia. "I liave v undertaken on behalf of New South Wales to balance our Budget," ■ said the Premier, "and now I ask for a free hand to do so. We shall aim at equality of sacrifice, relief of unemployment, reduced cost of the public services, and the maintenance of the highest standard of living the economic conditions will permit. We shall insist that reduced costs of production shall ' ; ' be accompanied by a corresponding reduction in the costs of commodities. "We shall do our.utmost to meet our obligations by economy,rather than by taxation. We shall provide loans, at low rates of interest for primary- producers who are prepared to give employment and we shall continue our efforts for the relief of unemployment. We will give relief to mortgagors of property who cannot meet their obligations."

Mr. Bavin reviewed the finances of the State And Commonwealth, pointing out that the national income had diminished by. £80,000,000. He estimated that the total deficit of the Commonwealth and States for the current year, unless expenditure were drastically cut 'down, would amount to £20,000,000.

Australia's difficulties were only postponed, not removed. But if it should be apparent that they were making a genuine effort to honour their obligations they would be able to convert loans as they fell due at a lower rate of interest. Before next Juno they had to raise £49,000,000 from the Australian market for the conversion of. internal loans. ''

The points in Mr. Bavin's policy previously cabled were: (1) The electors are to be asked to approve of the Premier's financial agreement , by • returning the Government so that the agreement can be givdn Parliamentary ratification; (2) the Premier promises to convene Parliament without delay for the presentation of the Budget; and (3) the Estimates Bill will be introduced, providing a limited moratorium for the relief' of purchasers of homes and other property to prevent injustice being done to persons who have pa'id off substantial .sums on real estate or other property, such as farm machinery. This moratorium will also apply •to hire purchase agreements.