FINANCE ADJUSTMENT

Hawera Star, Volume L, 15 January 1931, Page 5

FINANCE ADJUSTMENT

AUSTRALIA’S 810 TASK

COMMITTEE OF EXPERTS

SEVEN STATES TO* ACT.

(United Press Association —By Electric Telegrapn Copyright.) MELBOURNE, Jan. 14. The Loan Council, consisting of the Premiers and Treasurers of the various States, has decided that an expert committee, not necessarily political, representing the seven Governments of Australia, should be appointed to recommend means for the rehabiliation of the national finance. It is understood Sir Robert Gibson, chairman of the Commonwealth Bank, will be chairman. The council has also decided that a conference of Premiers and Treasurers should be convened within a month to review the whole financial position. MR. LANG’S PRODIGALITY.

Members of the Loan Council to-day considered the attitude of the New South ,\Yales,Premier, .Mr. .J. .T. .Lang, who was Jioiding aloof from the council yet expected it to back his bills. Keen resentment was expressed at his conduct and the view was expressed that while Queensland, South Australia and Tasmania were doing their best to cut public expenditure these States were expected by Mr. Lang to J. carry the baby of his prodigality. The council’s decision m this connection was not disclosed. The proposed conference is to lay down a three-year plan aiming at an adjustment within that period of the public finance and general monetary conditions. The council also fixed terms whereon Commonwealth securities may be sold over the counter by the State Treasurers as follows: Six per cent, at par maturing oil May 31, 1934; or 52 per cent, at par maturing on December 15, 1940. FALL OF STOCKS. OH 1 A NOE FOR BARGAIN HUNTERS

LONDON, Jan. 14. The advancing exchange rate in Australia will aid the plan whereby the banks undertake to furnish £3,000,009 monthly required for London for the payment of interest on Australian debts, says the “Financial Times.” The fall of Australian stocks has had the effect, says the “Morning dost” of bringing in bargain hunters, who argue that to purchase at present can hardly hurt capitalists who have money with which to take risks and upon which the yield now is exceedingly handsome.

“WILL IVIN THROUGH.” MR. FORRES’ OPTIMISM. Received 11 a.m. to-day. SYDNEY. Jan. 15. “Australia is soundi and will win through,” said the Hon. G. W. Forbes. “It will mean hard work, but a, country like Australia, with her climate and resources, should not give way to pessimism.”