FEDERAL DEBT.

Auckland Star, Volume LXII, Issue 96, 24 April 1931, Page 9

FEDERAL DEBT.

LOAN COUNCIL MEETS.

Vital Decisions Expected on

Financial Issues.

LANG- AN ABSENTEE.

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

(Received 10.30 a.m.)

CANBERRA, April 23,

Deliberations of the Australian Loan Council, which is now meeting, are expected to produce vital decisions upon financial issues. The Premier of New South Wales, Mr. J. T. Lang, is again absent, but the discussion has already revealed the peculiarly embarrassing position of bis State and other States which are indebted to the Westminster Bank, London.

The Commonwealth Treasurer, Mr. E. G. Theodore, surprised the meeting by suggesting that a loan of £12,000,000 should be raised in Australia.

The discussion was largely a survey of the financial outlook.

Sir Robert Gibson, chairman of the Commonwealth Bank, will attend a meeting of the council on Sunday when it may be possible for the council to formulate plans for the future.

The Premier of South Australia, Mr. L. L. Hill, described the situation which faces Australia as extremely urave, owing to the financial drift and terrific unemployment. He contended emergency measures must be applied.

BASIC WAGE.

COST OF LIVING DROPS

(Received 11.30 a.m.)

MELBOURNE, this day

In accordance with the cost of living figures for the quarter ended March 31 there will be a further adjustment of the basic wage. The new rates will be: — Melbourne, £3 16/, down 2/; Sydney, £4 2/6, down 2/6; Brisbane, £3 7/6, no reduction; Adelaide, £3 11/6, down 2/; Perth, £3 14/, an increase of 6d; Hobart, £3 16/6, down 1/6.