AUSTRALIAN TRADE

Dominion, Volume 24, Issue 290, 3 September 1931, Page 9

AUSTRALIAN TRADE

Tremendous Strides Taken

OVERSEAS RECOVERY Now a Favourable Balance REVENUE FALLS, HOWEVER By Telegraph—Press Assn. —Copyright. Canberra, September 2. According to the Commonwealth Statistician, Australia is making tremendous strides towards the recovery of her overseas trade position. Compared with 1929-30 Australia In 1930-31 transformed an unfavourable trade balance of £5,900,000 Into a favourable balance of £40,500,000, of which £13,000,000 was represented by exports of bullion. , During the three months ended last June exports were actually three times as great as Imports. The Federal revenue, however, continues to fall, Customs collections for two months diminishing £472,000, postal receipts also declining heavily. DEFICIT IN VICTORIA Still Exists Despite Cuts SUPER-TAX IS PLANNED Melbourne, September 2. The Premier, Mr. E. J. Hogan, In the course of hls Budget speech, estimated that the deficit, In spite of the recent economies, would amount to £1,536,000 at the end of the current financial year, and as It was Impossible to effect further economies, the Government found it essential to raise additional revenue to the extent of £715,000. This would be accomplished by the transfer of 20 per cent, of motor registration fees to the revenue, 25 per cent, super-tax on existing Income tax rates, and also higher probate and stamp duties. Mr. Hogan pointed out that the deficit was caused by the heavy falling off In railways earnings, losses on soldier and civilian settlement schemes, and high exchange rates. Several affiliated unions threaten to secede from the Victorian Labour Party because of Its acceptance of the Premiers’ Conference economy plan. FORCING CONVERSION Bill Proposed by Premiers 24,000 DISSENTERS LEFT (Rec. September 2, 8 p.m.) Melbourne, September 2. The Federal Loan Council has reassembled to consider the result of the conversion loan. It announced that the total of actual and promised conversions was now 170,000, representing £570,000,000. The total number of dissenters was 24,000, representing securities valued at £15,573,000. The conference decided that while dissentients should be allowed a further seven days in which to convert their loan holdings, legislation should be introduced forthwith to deal with those who refused to convert.