AUSTRALIA’S FINANCE

Grey River Argus, 11 September 1930, Page 5

AUSTRALIA’S FINANCE

( ECONOMY PLANS Not Yet Finalised (Aus & N.Z. Cable Assn.) MELBOURNE, SeptemberlO. Mr. Fenton invited several prominent business and financial men to meet the Cabinet Finance Sub-Commit-tee on Friday. The Government i a anxious to test every possible scheme to solve its problems. SYDNEY, September 10. The “Herald’s” Melbourne correspondent says: It is now revealed that Messi’s. Fenton. Lyons and Forde are the three Ministers who demand an economy session of the Federal Parliament. Senator Daly afterwards supported them. These four are now fighting the rest of the Cabinet, and a big section of the party. The statements by Mr. Beasley are regarded as mere election propaganda to help Mr. Lang, but the position of the Federal finances is so desperate that Parliament must re-assemble as soon as possible. All hope of raising additional revenue by means of taxation has virtually been abandoned owing to the limited field. A message from thc Orama says that the Prime Minister, Mr. Scullin is improving rapidly. RECENT EXPENDITURE. EXCEEDS REVENUE. (Aus. & N.Z. Cable Assn.) (Received Sept 10 at 8.45 p.m.) SYDNEY, September 10. Thc first of the financial reports of the Federal Government, as agreed upon at the recent Premiers’ Conference, was issued to-day. It disclosed that for the. two months ended August 31st last, there was an excess of expenditure over revenue of £2.259,000; but as many of the items of revenue are seasonable, notably the land and income tax, and are necessarily small, they do not give an actual idea of what the returns will be at thc end of the year. Billy Hughes's View DENOUNCED BY "THE TIMES.” I (Aus. & N.Z. Cable Assn.) (Received September 10 at 7.10 p.m.) I LONDON, September 10. | “The Times,” in an editorial, hotly f attacks Rl. Ihfii. W. 'M. Hughes’s speech, made on September sth, in the J form of a reply to Sir Otto Niemeyer’s’ report as to Australia’s finances. In that speech Air Hughes said that while agreeing the Budget must be balanced, this should apply nil round. He expressed the opinion that Sir O. Niemeyer’s talk about Australia's debt was only a smoke-screen designed to induce a radical change in national

policy, and to stampede the people into ' a compound in which the interests re-, presented by Sir Otto, desired to in- 1 tern them. The acceptance of the I policy suggested 1-v Sir O. Niemeyer , would only result in stagnation and ( despair. “The Times” says that this speech' of Air Hughes “might be taken more seriously if Air Hughes were not an extinct volcano.” Ti e paper describes the speech as ■ “sponsoring the most pernicious feat-| u'-es of Australian life.” The editorial proceeds to regret that the Federal Government has momentarily adopted what seem:' to be a hesitating attitude in the reduction of j the standard of living. Any postponement of the necessary measures, it says, cannot fail to exercise an unfavourable influence on Australian credit.

DEFEATIST PROPAGANDA. AGAINST AUSTRALIA (Aus & N.Z. Cable Assn.) LONDON, September 9. | “1 am exasperated with defeatist propaganda from Australia appearing iu the British press,” declared Sir Dudley De Chair. I am thrilled by the manner in which Australia is determined to face the temporary depression. It is a country with tremendous potentialities. I am convinced Australia will win through.” I BRITISH TRADE SUFFERING. (Aus. and N.Z/ Cable Assn.) LONDON, September 10. I Tn view of the Imperial Economic r Conference, thc British Council of the - Australian Association of British ( Manufacturers have, through their '(•hairman. Sir Arthur Balfour, sent a memorial to Lord Passfield (Secretary of State for the Dominions) "emphasising thc grave effect that thc preI sent economic situation in Australia is having upon British trade, and submitting suggestions. EXTRA TASMANIAN TAXATION HOBART, September 10. The Assembly read the first time bills to re-establish the financial position. These include wages and salaries tax by means af stamp duty at the rate of threepence in the pound, increase in Income tax, a percentage production in public service salaries generally, increased probate duties, additional penny stamp on cheques, and ’amusement and motor tax increases.

QUEENSLAND SALARY CUTTING. (Aus and N.Z Cable Assn.) BRISBANE, September 10. Premier Moore, declined the request of the Public Service Association that, a representative should appear at the bar of the House to speak on thc proposal to exclude them from the provisions of the industrial award for a year, said that, it was a matter for the Speaker. Mr. Moore declared he could not permit everybody with

a grievance to come to the bar and address the House. Anyone not satisfied with the Government service should leave it. None was compelled to remain therein. A further reduction in the salaries of Government employees will shortly be introduced,