FARMERS’ CREDIT GONE

Hawera Star, Volume LI, 4 February 1931, Page 8

FARMERS’ CREDIT GONE

WHEAT-GROWERS’ DILEMMA

BANK TO BE ASKED FOR £5,000.000

United Press association —By Electric: Telegraph Copyright.)

SYDNEY, Feb. 3

Tho *‘Pictorial’’ says; “To save from linancni’i disaster thousands of primary producers whoso credits arc at an end. the Commonwealth Bank is to hq asked immediately by Cabinet chiefs for £5.000,000 and (lie request is almost cchtain to he granted. The money is sought for the purpose of assisting wheat-growers particularly with tlicir (Tedilors, and to provide funds to enable them to sow next year’4s crops.” Tile delimit is at tho least- ten millions sterling for the Commonwealth at the end of the financial year. It: appears certain the figures show for the seven months ended January 31st that customs revenue was £5,334,510 and postal revenue £1,016,401 less than the estimate.

At Adelaide the Premier Mr. Hill told a deputation that it was probable that the accumulated deficit of the various Governments would amount to £20,000,000 on June 30th next and £11,000,000 would represent the indebtedness' of the Federal Government. The financial position was becoming more embarrassing every day, although a large section of the public failed to realise it.