BANK ULTIMATUM.

Auckland Star, Volume LXII, Issue 85, 11 April 1931, Page 9

BANK ULTIMATUM.

TREASURY BILL LIMIT. Staggering Deficits Reported In Australia. • I FINANCIAL CHAOS. ) (United P.A.—Electric Telegraph—Copyright) i ■ • (Received 10.30 a.m.) SYDNEY, this day. The Commonwealth Bank has sent an ultimatum to the Federal and State. Governments to the effect that there must be a limit to the issue of Treasury bill's, which has increased by £2,200,000 in Australia, bringing the total to £8,400,000. Mainly owing to interest payments the Commonwealth's deficit leapt by £6,500,000 in March to the staggering total of. almost £20,000,000 for the nine months of the current financial year. The sales tax receipts in the period named amounted to £2,451,000, compared with the estimate of £5,000,000 for the year. For the nine months of the present financial year the New South Wales State expenditure has exceeded revenue by £7,270,883. The revenue amounted to £30,405,545, a decrease of £2,750,377, compared with, the corresponding period of last year. The expenditure totalled £37,670,428, a net decrease of £2,605,501. West Australia's shortage for nine months amounted to £1,377,930, and South Australia's excess of expenditure over revenue was £1,959,412.

LANG BALKED. I VICTORIA AGAIN REFUSES. ■ i MELBOURNE, April 10. An application on behalf of the Premier of New South Wales, Mr. Lang, and his party for the use of the Exhibition Building in Melbourne for a political meeting next Tuesday has refused by the exhibition trustees. Their ground is that Mr. Lang has acted in an unlawful manner, wilfully defaulting in his payments to British bondholders.