LOSS OF £3,000,000

Gisborne Times, Volume LXXI, Issue 11327, 3 October 1930, Page 5

LOSS OF £3,000,000

FEDERAL REVENUE RETURNS FOR THREE MONTHS.

BIG DECREASES IN STATE RETURNS.

CANBERRA CABINET DISCUSSES BALANCING OF BUDGETS.

(U.P.A. bv Elec Tel. Copyright) CANBERRA, Oct. 2.

Consideration of the financial position and proposals for balancing the Budget has been commenced by Cabinet. No definite decisions ha-ve been reached.

The Sftate revenue returns for September in Victoria, South Australia, West Australia and Queensland show further large decreases compared with, the corresponding month oi last year.

The Federal revenue returns for ihe first three months of tho financial vear already disclose a deficiency of £3,000,000, causing the Ministry very grave concern.

The loss of Customs revenue is practicallv at tho rate of £10,000,000 and postal revenue £421.080 below the estimate.

A strong move was made at tho Federal Cabinet meeting, reports tho Sydney Sun. to have all the Government’s proposals in regard to balancing the'Budget referred to the Federal Labor Congress before adoption. A section of the Ministry favors the immediate summoning of Parliament, and will present a strong ease for reduction in expenditure. At a meeting of the Water Board at Sydney the president announced that the employees of the hoard had expressed themselves as agreeable to a reduction in salaries.

FEDERAL PARLIAMENT TO BE CONVENED BUDGET TO BE BALANCED SAYINGS WILL BE C 4,00,0.009 YEARLY (TJ.P.A, by Elec. Tel. Copyright) (Received Oct. 2, 11 p.m.) CHAIRMAN SAYS Tho Federal Cabinet- decided that the Federal Parliament ho called together on October 30. " Acting-Prime Minister Fenton, in making this announcement, to-day, said tho. proposals to balance the Budget had been approved by Cabinet. which had agreed to reduce expenditure by £4,000,000 yearly.

A CHEERFUL NOTE WHAT ASSOCIATED BANKS’ chairman says “DON'T .PART WITH SCRIP” LOCK JT UP AND THROW KEYS AWAY SYDNEY, Oct. 2. Mr C. 11. Tranter, chairman of the Associated Banks, sounded a cheerful ' note to-day, when lie declared that people only required to deny themselves a few things and adjust themselves to the new conditions and their economic, difficulties would soon disappear. Tho healthy deposits held by tho hanks were the host indication of Australia’s solvency. He added that, it was the wrong time to sell stocks. His advice to those worried about falling markets was to leek bonds and scrip in thpir safes and throw away the keys. INVESTMENT MARKET IMPROVES BETTER CLASSES OF STOCKS APPRECIABLY FI TIMER (TT.P-A. bv Elec. Tel. Copyright) Received ;Oeik 2, II >m.) SYDNEY, Oet. 2. There has been a decided improvement in the investment market in Sydney and Melbourne during the past two days, due to the evident desire of the Governments to hvo within their incomes. Commonwealth bonds, bank shares and the bettoi class oi industrial stocks are appreciably firmer, with more havers all round.