AUSTRALIAN FINANCE

Hawera Star, Volume L, 27 August 1930, Page 5

AUSTRALIAN FINANCE

MATURING £5,000,000 BILLS CONFIDENCE IN COMMONWEALTH APPEAL TO THE PEOPIE. LfoUMl k'ictsc By V/V>p ( yri&ut.> SYDNEY, Aug. 26. Mr J. E. Fenton .Acting-Prim© Minister, stated to-day that he was confident' negotiations now in progress would enable the Commonwealth to .. i. .e £5,000,000 in Treasury bills maturing in London on September 2. Ho appealed to the people to puli their weight and have confidence in the. recuperative powers of the country. He particularly urged private capitalists to release their purse strings. An issue of £5,000,000 Commonwealth; Treasury bills to meet those maturing on September 2 wifi be placed by tender next week, closing September 4.

SCAFFOLDING FOR FUTURE MUST BALANCE BUDGETS. ADELAIDE, Aug. 26. Sir Otto Nieineyer.in a speech here todav said the resolutions at the Melbourne Premiers’ Conference, which had been received satisfactorily in London, were merely the scaffolding upon which to build in the future. The Governments of Australis must balance their Budgets and keep them balanced. It was "essential that all maturing debts should be met regularly. Sir Otto emphasised that if the rates of interest to Australia, were to be decreased gradually it could be done only by limiting other demands for money and arranging the Budgets so they did not undidv encroach on private industry The basis had to b© on the side of reduction of expenditure rather than increased taxation. Care would have to lie exercised not to over-provide prolie utilities, giving commerce and industry more than they really needed. ' It was announced to-day that -Sir 'Otto Niemever will visit Queensland next al ,d will depart for London within three weeks 1 .