AUSTRALIAN NEWS

Hawke's Bay Tribune, Volume XXII, Issue 175, 9 July 1932, Page 8

AUSTRALIAN NEWS

REDUCING BUDGET DEFICITS DRASTIC ECONOMIES CONTEMPLATED PREMIERS’ PLANS Sydney, July 8. Satisfactory arrangement.s having been made with the Commonwealth Bank for financial accommodation to £20,000,000, the Premiers’ conference concluded its deliberations after pledging that Budget deficits next year will be reduced to £9,000,000 by further drastic economies.

The Commonwealth Bank has agreed to advance £7,000,000 forthwith for allocation to the various States for public works for the absorption of unemployed £3,000,000 next year and £3,000,000 in the following year, when it is hoped conditions will have improved. Honorary committees are being.set up in each State to control relief work FACING TROUBLES MANFULLY. MR BRUCE HOPEFUL. ’ Honolulu, July 7. •Mr Bruce, interviewed, said that Australia was facing her troubles manfully. “We have improved our position greatly during the past year, and we are now very hopeful for Australia’s future. If the rest of the world tackled problems in the same stern fashion the general rehabilitation would be nearer. Australia, in the face of the gravest difficulties, has succeeded in meeting every obligation.’’ The Governor sent messages of greeting to the New Zealand and Australian delegates, who will be bis guests tomorrow. GOOD TONE ON EXCHANGE. LARGE TURNOVER Sydney, July 8. On the Stock Exchange there was a large turnover and a good tone throughout. Sales.—Bank of New South Wales £2B 18s, Commercial Bank of Sydney £l5 17s 6d, Commercial Bank of Australia 15s 4}d, National Bank (£5 paid) £5 17s 6d, Queensland National £5, Colonial Sugar £45 10s, Victoria Nyanza (New Zealand delivery) 17s, United Insurance £B, Australian Gas A £6 Is, Goldsbroughs £1 3s 6d, Australian Glass £2 0s 6d, Tooths £1 9s, Touheys 18s 10$d, Dunlop Perdriau 13s, British Tobacco £1 10s 7Jd, Gordon and Gotch £1 7s lid, Burns Philp £1 4s 4.1, Broken Hill Proprietary 16s 4|d, South Brokens £2 3s, New Zealand stock 5} per cent 1937 £lll 10s. Bonds. —Four per cent 1938 £96 13s 9d, 1941 £96 2s 6d, 1944 £95 10s, 1947 £95 17s 6.1, 1950 £96, 1953 £96 7s 6d, 1955 £96, 1959 £96, 1957 £95 15s,' 1961 £96. Melbourne.—Commercial Bank of Australia 15s 4d, Goldsbroughs £1 3s 4d, Colonial Gas £1 Is 3d, South Brokens £2 3s 3d. OVERDUE STEAMERS. SOME ANXIETY FOR SAFETY. Sydney, July 8. The steamer Ullmarra, 924 tons gross, which left Newcastle for Sydney at .10 a.m. yesterday, has not since been heard of and anxiety for her safety is felt. The Ullmarra’s captain is William Buckingham and the crew numbers twenty. The vessel is carrying farm 1 produce and timber from the north coast.

An aeroplane search of the coast today was unavailing, although condition were bad due to heavy clouds. There is still hope that the Ullmarra turned seaward north-east and ran before the gaie. Those interested in another overdue steamer, the Warraneen, believe that she is sheltering.