NEW SOUTH WALES

Evening Star, Issue 20610, 9 October 1930, Page 9

NEW SOUTH WALES

REVENUE AND EXPENDITURE FIGURES FOR QUARTER. Press Association—By Telegraph—Copyright. SYDNEY, October 8. (Received October 9, at 1.30 a.m.) The Treasurer (Mr Stevens) announces that the New South Wales revenue for the quarter declined by £1,391,000 compared with the same quarter last year, while the expenditure in all services showed a decrease of £660,000. REASON FOR CHANGE. SYDNEY, October 8. (Received October 9, at 1.30 a.m.) A governor of the Commonwealth Bank (Mr E. C. Riddle) stated after the bankers’ conference that the only decision reached so far related to the increase in the exchange rates to the extent of 50s per cent, in the telegraphic transfer selling rate. The Sydney on London changes had been made to bring the rates into conformity with market conditions, and to keep the exchange business as far as possible in the hands of the banks, so that the provision of £36,000,000 for Government purposes in London from the export funds might be less hardly accomplished. There was always a fair amount of exchange business which passed the banks by, but lately importers were _ finding themselves rationed in their London finance requirements by the banks, and had sought out exporters and carried out business with them. . Mr Riddle added that the advantages of these discussions and_ the efforts towards co-operation were likely to lead to similar banking conferences in future.