FEDERAL FINANCE
SERIOUS POSITION DISCLOSED MANY MILLIONS OF LOANS TO BE CONVERTED HEAVY TAXATION INCREASES APPREHENDED (United Press 'Association.—By Electric Telegraph.—Copyright.) (Rec. November 3, 5.5 p.m.) s Canberra, November 3.. Federal Cabinet Investigations are understood to have disclosed a serious financial position In various Treasury accounts, which have been overdrawn. Mr. Theodore, the Treasurer, faces a difficult outlook owing to the tightness of the London and New York money markets, and the necessity of converting about a hundred and thirty millions of loans maturing in the next fourteen months. The fall in wool prices means a drop of ten to fifteen millions sterling available in London from this source for purchases for Australia. The coming Federal Budget, therefore, is causing apprehension, since heavy taxation increases are inevitable. One suggestion is that the petrol tax be raised from two pence to six pence a gallon. It is stated that petrol only costs five pence a gallon to land In Australia, and is sold at two shillings.
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Dominion, Volume 23, Issue 34, 4 November 1929, Page 11
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165FEDERAL FINANCE Dominion, Volume 23, Issue 34, 4 November 1929, Page 11
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