BANKS REMAIN FIRM

Hawera Star, Volume L, 14 February 1931, Page 6

BANKS REMAIN FIRM

COSTS IN AUSTRALIA REDUCTION DEMANDED. (United Press Association —By Electric Telegraph Copyright.) CANBERRA, Feb. 13. The conditions imposed by the Commonwealth Bank Board and the trading banks as a basis on which they are prepared to co-operate with the Australian Governments wore announced to the premiers’ and treasurers' conference by tlie Federal Treasurer, Mr C. G. Theodore, to-dav.

Their co-operation will, he subject to the adoption of an equitable reduction of all, wages, salaries, allowances, pensions, social benefits of all kinds, interest, and other factors which are affected by the- cost of living. Mr Theodore’s mission to Sydney, insofar as he sought approval of his financial plan, Is "regarded as having been a definite failure. The FedemT ministers now view the position gravely. The conference is still sitting. any INFLATION OPPOSED. ATTITUDE OF COMMONWEALTH BANK. • , SYDNEY. Feb. 12. Further conversations on the financial proposals evolved by the Federal Treasurer, Mr. El. G. Theodore, which were discussed early this week at Canberra were conducted yesterday and to-day in Sydney. Mr. Theodore conferred with the Commonwealth BankBoard, which is understood to have .resisted any measure of inflation as a remedy of the national financial ills. Mr. Theodore has again departed for : Canberra, in order to present his report, upon the subject of his mission. i ’

STOCKS IRREGULAR AT HOME. LONDON. Feb. 11. Australian stocks are irregular. Some are further marked down and others arc slightly higher. Dealing*, recorded are: Commonwealth 5 per cents, rduge from £6B to £72, 6 per cent. £7B 10s, Victorian 5 per cent. £63 10s, 4:f per cents. £57; New South Wales 31- per cent. £42 to £45, 4f per cent. £72 to £7B, 6’- per cents. £73 to £75. 6 per cents. £65 to £75; Queensland 5 per cents £SS to £62. 6 per cents. £77; South Australia 3 ]>er cents. £35; Tasmania 31 per cent. £52 to £6O, 01 per cent £79; West Australia 6 per eentiSi, £74,

FEDERAL BY-ELECTION. PREMIER POSSIBLE CANDIDATE. SYDNEY, Feb. 12. Whether the East Sydney Federal seat which was formerly a Labour stronghold can be won from Labour as was Parkes is to he put to the test by the National Party, whose nominee for the by-election, Mr. L. C. Courtnay, formerly a city alderman, was selected to-night from 15 aspirants, including Sir Keith Smith, the wellknown aviator. The late member fur East, Sydney was Mr. John West-, a most popular Labour veteran. He was unbeatable while lie lived. Labour's nominee will ho selected! to-morrow night.- It is rumoured Hie Premier, Mr. J. T. Lang, is a likely candidate.