FIVE MILLIONS IN CASH

Greymouth Evening Star, 2 May 1931, Page 7

FIVE MILLIONS IN CASH

MR. LANG’S LATEST SCHEME INSURANCE COYS.’ DEPOSITS [BY CABLE —PRESS ASSN. —COPYRIGHT.] (Received May 2, 8 a.m.) SYDNEY, May 1. The Lang Cabinet agreed to a Bill requiring insurance companies to provide cash guarantees at the State Treasury. These will be based on the premium incomes of the respective companies, and it is .estimated that the total amount payable to the Treasury in this manner will be over five million pounds. The Government will allow ordinary bank interest for the custody of this huge sum. Mr Lang pointed out that the main idea was. to protect the interests of investors in consequence of the recent failure of a number of mushroom companies wherein many hardworking people lost their life-savings. When some of the larger companies were acquainted with the Government’s latest proposal .to-day the opinion was expressed that the Premier. had alighted on a novel idea of raising a loan at. the expense of the insurance companies. It was with a certain amount of misgiving that .they would agree to such a proposal in view of the Government’s record, and the recent political happenings. LANG-KELLY TRUCE SYDNEY, May 1. The “Labour Daily” says that Nationalist expectations were shattered when the State Labour, party in caucus decided not to have a split to make an anti-Labour holiday. There was a sharp brush between the Premier and Mr. Kelly, but the trouble was smoothed over, however, and no motion of censure was passed on Mr. Kelly. ' CUSTOM REVENUE DROP. CANBERRA, May 2. Customs revenue received by the Commonwealth in the last ten months was nearly thirteen million pounds less than in the corresponding period last year. The figures are £24,082,113 and £37,017,672 respectively. EIGHT MONTHS WASTED i LONDON, May 1. The “Financial News” recalling that Sir O. Niemhyer’s statement ''in August declared Australia was given two years to put her house in order, says: The breathing space has been narrowed by eight months, and the debt problem is even further from solution. The Governmeifts’ vacillating policy is merely piling up difficulties. ' The paper, in an editorial, repeats that the London market will not be found unsympathetic when the situation is faced. ’ > TRANSFER OF POLICIES. LONDON, May 1. Two leading Australian insurance companies, in answer to insured people’s inquiries, say that claims against policies registered in London will be paid in sterling, but they refuse to allow further transfers of policies to London. DESTITUTE 1 TOURISTS LONDON, May 1. The Commonwealth has deposited the necessary funds at the Westminster Bank to pay the interest which Mr. Lang was unable to meet. A number, of New South Wales tourists are in a serious predicament through the closing of the State Savings Bank. They are unable to pay their hotel bills, and are almost destitute, and have jointly appealed? to the Agency General to release money to permit them to go home immediately.