LONG DISCUSSION

Auckland Star, Volume LXII, Issue 45, 23 February 1931, Page 7

LONG DISCUSSION

FINANCIAL POLICY.

Bankers and Federal Leaders Not Yet Agreed.

MELBOURNE CONFERENCE.

(United P.A.—Electric Telegraph—Copyright)

(Received 10 a.m.) MELBOURNE, this day. After a, discussion which, lasted three and a half hours on Saturday afternoon the conference of representatives of the Commonwealth Government and banks was adjourned until to-dav without reaching a decision on the financial situation. The Prime Minister, Mr. Scullin, and the Treasurer, Mr. Theodore, declined to comment on the conversations. It is understood that the whole time of the conference was occupied with an explanation of Mr. Theodore's plan for the release of credits for Government and industrial purposes and tike restoration of the 1929 price levels. Commonwealth Treasury officials confirm the announcement that arrangements have been made to meet Australia's obligations in respect of the £5,000,000 short term indebtedness falling due on March 2. A portion of that amount represents the States' indebtedness. The New South Wales Treasury announces that., there will be no difficulty in meeting the State's interest falling due at the end of this month, namely, £100,000, and also at the end of March, totalling £300,000.