EMERGENCY PROPOSALS

Hawera Star, Volume L, 30 October 1930, Page 9

EMERGENCY PROPOSALS

COMMONWEALTH FINANCES TEA TAX TO PRODUCE £500,000 PRIMAGE, DUTY INCREASED. ,United Free* Association —By Eleotrio Telegraph Copyright). Received 12.30 p.m. to-day.) CANBERRA. Oot. 30. The meeting of the Labour caucus concentrated on the emergency proposals of Mr. Lyons to relieve the financial difficulties of the Commonwealth. Plans for additional taxation, were agreed to with modifications to meet the wishes of the rank and ffie of the party. Cabinet held a special meeting and assented to a revision of the suggestions previously drafted to meet the objections that had been raised. The caucus -approved of a (proposal to adopt a tax of between threepence and fourpence a pound on tea, to realise an estimated amount of £500,000. A Bill will be introduced and the tax become operative immediately. Other proposals agreed to included an increase in the 2J- 'per cent, primage duty imposed by the last "Budget and increased taxation on income derived from property. FINANCE FROM LONDON.

POSITION DIFFICULT

Received 12.30 p.m., to-day. LONDON, Oct. 29

Mr. Soullin in a telephone conversation told Mr. Fenton that the financial position in London was most difficult. He stressed the necessity for adhering to the programme laid down.

AUSTRALIAN STOCKS. “NEEDLESSLY LOW LEVELS.” Received 1.30 p.m. to-day. LONDON, Oct. 29. With impressive unanimity all the evening papers and several morning papers emphasise the needlessly low levels to which Australian -stocks have fallen and counsel buying as good lockup investments. There is a general criticism- that whatever the Federal caucus does in the way of tampering with Mr Scullin’is Budget, it will not be so foolish as to do anything further to damage Australia’s credit, still less talk of repudiation. There is a disinclination to believe that Mr Theodore will range himself behind a measure like inflation, which he rigorously opposed. while Treasurer.