FINANCES OF NEW SOUTH WALES.
A SERIOUS DEFICIT.
[PER PRESS ASSOCIATION.] Received January 23rd, 1.30 a.m.
Sydney, January 22. Mr J. P. Garvan, the new Colonial Treasurer, states that besides the shifting to credit of consolidated revenue trust funds amounting to £1,200,000, which have been spent, the public account is, in addition, overdrawn to the extent of £1,206,000. He declines to pay salaries unless funds are provided to meet the necessities of the State.
The Herald, in an article on the finances of the colony, says there is no cause for alarm. It is not a matter of surprise the revenue is overdrawn, as there is money authorised, but not yet borrowed, to set against it. It considers it is Mr Garvan's duty to endeavor to reduce the deficit, aud urges retrenchment.
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Bibliographic details
Press, Volume XLVI, Issue 7262, 23 January 1889, Page 5
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132FINANCES OF NEW SOUTH WALES. Press, Volume XLVI, Issue 7262, 23 January 1889, Page 5
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