AUSTRALIAN DEFICITS

Dominion, Volume 26, Issue 219, 12 June 1933, Page 9

AUSTRALIAN DEFICITS

Commonwealth Bank Agrees to Discount Bills AN IMPROVED OUTLOOK By Telegraph—Press Assn. —Copyright (Received June 11. 6.30 p.m.) Melbourne, June 11. The Commonwealth Bank Board has agreed to finance the State deficits for 1933-34 to the extent of £8.500,000. Sir Walter Massy Greene, chairman of the Loan Council, announced that the bank board desired to defer the request for financial accommodation pending the outcome of future conversions, whereby it is hoped considerable relief will be afforded. It is now regarded as likely that the State deficits. originally anticipated at £9.000.000. will not exceed £7.000.000 The bank has undertaken to discount Treasury bills to finance these deficits and a substantial sum is likely to be available for the continuance of public works The Commonwealth Government announces Its intention to make a special grant of £300.000 to the smalley States, apart from their share of finance being provided by the bank. PREMIERS’ MOVE An Independent Meeting CONCERTED DEMANDS Sydney, June 10. The "Daily Telegraph’s” Melbourne correspondent says that a dramatic turn was given the financial accommodation proceedings when the State Premiers met Independently of the Commonwealth representatives to discuss the Federal Government’s attitude at the Premiers’ Conference. Concerted action was decided on to obtain what the States considered their just rights in the present negotiations. The State representatives are critical of the Commonwealth attitude concerning the surplus, the budgetary deficits, and its proposals for a constitutional convention. SAVINGS EFFECTED Dole and Unemployment N.S.W. ACHIEVEMENTS (Received June 11, 11.30 p.m.) Sydney, June 11. Since the New South Wales Government was elected twelve months agOj unemployment has been reduced 25 per cent., dole relief reduced 50 per cent., Government indebtedness overseas brought down more than £1,000,000 annually. It is further announced that in the ensuing twelve months more than £7.000,000 will be devoted to unemployment relief works, which, it is hoped, will still further stimulate business activity.