AUSTRALIAN FINANCE

Hokitika Guardian, 12 July 1930, Page 5

AUSTRALIAN FINANCE

(Australian Press Association.)

CANBERRA, July 11

The prominent industrial securities were firmer on the Stock Exchange to-day. The selling pressure was not heavy. The market otherwise continued a downward tendency.

The Bank of New South Wales shares showed a further weakness, falling by 7s Gd to £37 7s Gd. Union Bank shares decreased by 2s Gd to £ll. Commonwealth loans stocks were quiet, and irregular. A crowded meeting of members of the Sydney Chamber of Commerce vigorously condemned both the new taxation and the tariff proposals. They passed a resolution expressing the view that unemployment would be seriously increased.

The meeting also expressed their hope that the Federal Government would try to borrow sufficient money to balance the budget that way, instead of compeling trade and industry to wipe out the burden in a single year.

The meeting urged that the Government should consult with leading reVwteEientatives of finance and commerce. SCULLIN’S REPLY TO SENATE’S OBSTRUCTION. CANBERRA, July 11. *' The Canberra Federal Government’s reply to the Senate’s rejection of the Central Reserve Bank Bill is to withdraw its representatives on a Select Committee that has been appointed by the jSenatc to investigate the Bill. The Prime Minister, Mr Scullin, regards the Senate’s action as being tantamount to the rejection of the Bill, which he will again bring before the House of Kepresentatives early next year.

SOUTH AUSTRALIAN FEARS.

ADELAIDE, July 11

The South Australian Premier, Mr Hill, has written t-o the Prime Minister, Mr J. H. Scullin, explaining that serious effects: are to be expected of the Budget, which, he stated, will place South Australia in a very awkward positon. vMr Kill estimates tnatthe .cost of Federation ,to his State is at least five ’millions a year.

SHIPOWNERS WAITING. TO SET EFFECT ON DUTIES.' SYDNEY, July 11. The shipowners, who recently conferred with the idea of signing, contracts, which-would guarantee them to stable freight rate from Australia, have postponed indefinitely their action in this direction in order to ascertain the effect of the primage duty on cargoes, and also that of the additional company tax, which will leave direct influence on ships’ stores. A GOVERNMENT CRISIS'. (Received this day at 9.40 a.m.) SYDNEY, .Tuly 1?. The “Herald” says: It is generally thought in political circles that a crisis must arise early next year when the Parliamentary session i,s resumed after the return of Mr Scullin from the imperial Conference this is the result of treatment given by* the Senate to several Government proposals.