PREMIERS' PLAN.

Press, Volume LXVIII, Issue 20587, 1 July 1932, Page 11

PREMIERS' PLAN.

. ' » AUSTRALIAN ECONOMY. CONFERENCE AT CANBERRA. (Received June 30th, S.oo p.m.) CANBERRA, June 30. The- Premiers' Conference reached unanimity to-day in affirming adherence to tho principles of the Premiers' Plan f of .1931, undertaking to meet interest obligations, to continue progressively to reduce deficits, and t6 conduct public policy with a view to reviving industry and the restoration of employment. The Primei Minister (Rt. Hon. J. A. Lyons), in a congratulatory speech, warned the conference that if the Premiers' Plan broke down Australia's credit overseas would bo seriously affected. SAVINGS BANK. INTEREST ON DEPOSITS. CUTS IN AUSTRALIA. (Received June 30th, 8.55 p.m.) SYDNEY, June 30. The Commonwealth Savings Bank announces that from to-morrow, slight cuts will be made in interest rates on deposits, Tho new rates will be: per cent, on deposits up to £SOO. per cent, on £5Ol up to £IOOO. 'J per cent, on £lOOl up to £I3OO. These adjustments, it is explained, are designed to effect general relief from the interest burden in accordanc with the Premiers' Plan. The reduction represents 5s per £IOO on sums up to £IOOO, but larger credits are not affected. TOWED INTO PORT. STEAMER'S BUNKERS DEPLETED. (Received June 30th, 11.50 p.m.; SYDNEY, June 30. The tramp steamer Tymerie (5228 tons), which was in difficulties for sevoral days owing to shortage of coal, reached port in tow of the tug St. Hilary, with her bunkers depleted. BUILDINGS IN SYDNEY. EXPENDITURE DECLINES. SYDNEY, June 30. < For the end of the financial year the cost of building in the metropolitan area, according to tho Metropolitan Water Board's figures, was £1,708,020, compared with <./er £13,000,000 two years ago, and over £4,000,000 last year. The number of new buildings this year totalled 1278, a reduction of 1818 on the 1931 total. AUSTRALIAN HIGH COMMISSIONER. POST TO BE ABOLISHED. LONDON, Juno 21. "Sir Granville Ryrie is the last High Commissioner for Australia," said Mr J. G. Latham, Federal AttorneyGeneral, to a representative of the ' Evening News." "Tho post will be abolished when Mr S. M. Bruce takes charge. He will represent all interests except trade." Mr Latham considers that the Agents-General might be abolished, and officials appointed to deal witli trade. The Agents-General no longer dealt with financial business; therefore the main reason for their existence had disappeared and their abolition would save much money.