FINANCIAL CRISIS

Evening Star, Issue 20586, 11 September 1930, Page 11

FINANCIAL CRISIS

AUSTRALIA'S PREDICAMENT REPORT OF PREMIERS’ CONFERENCE Press Association—By Telegraph—Copyright. SYDNEY, September 10. The first of the financial reports of the Federal Government, as agreed upon at the recent Premiers’ Conference, was issued to-day. It discloses that for the two months ended August 31 there was an excess of expenditure over revenue of £2,259,000, but as many items of revenue are seasonable, notably land and income tax, and are necessarily small, they do not give an actual idea of what the returns will be at the end of the year. EFFECT ON BRITISH TRADE SUGGESTIONS SUBMITTED, LONDON, September 10, In view of the Imperial Economic Conference, the British Council of tho Australian Association of British Manufacturers has, through its chairman (Sir Arthur Balfour), sent a memorandum to Lord Passfield emphasising the grave effect that the present economic situation in Australia is having upon British trade, and. submitting suggestions. MR HUGHES'S SPEECH CONDEMNED BY LONDON ‘TIMES.’ LONDON, September 10. ‘ The Times,’ in an editorial, hotly attacks Mr W, M. Hughes’s speech, which, the paper says, might be taken more seriously if Mr Hughest was not an extinct volcano. Tho paper describes the speech as sponsoring the most pernicious features of Australian life. Tho editorial proceeds to regret that tho Federal Government has for the moment adopted what seems to bo a hesitating attitude in the reduction of the standard of living, and any postponement of the necessary measures cannot fail to exercise an unfavourable influence on Australian credit. [Mr Hughes, replying to Sir Otto Niemeyer’s report, said that while agreeing that the Budget must be balanced, this should apply all round. He expressed the opinion that Sir Otto Nier-oyer’s talk about Australia’s debts was only a smoke screen designed to induce a radical change in the national policy and to stampede the people into a compound in which the interests represented by Sir Otto desired to intern them. The acceptance of the policy suggested by Sir Otto .Niemeyer would result only in stagnation and despair.] MR BAVIN’S COMMENT. SYDNEY, September 11. (Received September 11, at 9 a.m.) “ His remarks are utterly unworthy of a man who has been Prime Minister of the Commonwealth, and likely to have a serious effect upon Australia’s credit in London,” commented the Premier (Mr Bavin) upon the statement of Mr W.;M. Hughes. Mr Bavin emphasised that there was no truth in Mr Hughes’s suggestion that Sir Otto Niemeyer had attempted to dictate Australia’s financial policy. “ On the contrary, he came here by invitation to tender expert advice as an impartial outsider. Unfortunately much more significance will be attached to Mr Hughes’s remarks in England than they deserve. Most people, are not aware that he is a, spent force in the Commonwealth.” STATE FINANCES NEW SOUTH WALES. SYDNEY, September 11. (Received September 11, at 9.50 a.m.) The financial report of the New South Wales Government for the first two months of the financial year shows a decrease in revenue of £1,196,185, compared with a similar period last year. Tho railways and tramways wore responsible for a large proportion of this amount. The decrease in expenditure was £560,426. The Treasurer (Mr Stevens) stated that notwithstanding the decline in revenue, which had been expected, the position was well in hand, and provided they continued to exercise tho same degree of economy as already practised there was no reason why the ledger should not be balanced by tho end of the year. QUEENSLAND. BRISBANE, September 11. (Received September 11, at 9.50 a.m.) The revenue for the first two months of the financial year was £1,920,456, tho deficit being £218,606. SOUTH AUSTRALIA. ADELAIDE, September 11, (Received September 11, at 9.50 a.m.) The revenue and expenditure return for the two months shows a deficit of £646,359. WESTERN AUSTRALIA. PERTH, September 11. (Received September 11, at 9.50 a.m.) The Western Australian shortage foi the , two months totalled £565,896. TASMANIA. HOBART, September 11. (Received September 11, at 9.50 aim.) The Tasmanian deficit at the end of August was £29,882. The total debit balance is now £259,470, including a debit of £229,588 on June 30.,