EFFECT OF LANGISM

Dominion, Volume 25, Issue 274, 15 August 1932, Page 2

EFFECT OF LANGISM

Review by

Mr. Stevens

FINANCIAL POSITION What N.S.W. Has to Face In a luncheon address in Sydney, the Premier of New South Wales, Mr. Stevens, said that the session of the State Parliament opening on September 6 would probably be the most momentous in the history of'New South Wales. He revealed that the £18,000,000'deficits of the Lang Government had been funded by means of Treasury bills, and interest and sinking fund for them would cost the State £1,000,000 a year for many years to come. Mr. Stevens said that the Treasury figures in July had shown a wonderful Improvement. The improvement since his Government came into power was about 30 per cent, weekly, compared with the corresponding period last year. The railway and tramway figures •in July were not only better than July of last year, but also a substantial improvement on the figures of June this year. '■ The Government, said Mr. Stevens, had been steadily preparing legislation to give effect to the promises it made the electors. He realised the people were now looking forward to some indication that the Government intended seriously 'to tackle the outstanding issues in a way that would be for the benefit of the community as a whole. He was thankful that his predecessor (Mr. Lang), no matter how fundamentally they differed on political questions, adhered to the form of Treasury accounts which he (Mr, Stevens) introduced when he was Treasurer in the Bavin Government.

The form in which the Budget would be presented, shortly after Parliament met, would enable the public to realise at once what the different Government departments were costing, as well as those that paid their way and those that did not. He was afraid that some of the facts to be disclosed would be painful and embarrassing, but the main thing was that the disclosures would let the people and Parliament know the exact financial position of the State, and of each department.