AUSTRALIA’S FINANCE
MEETING OF TREASURERS. WAGE REDUCTIONS NECESSARY. MEETING EXTERNAL DEBTS. (United Press Association —By Electric Telegraph.—Copyright.) Received August 12, 10.5 a.m. SYDNEY, Aug. 12. At a recent meeting of the Loan Council, at Canberra, which was addressed by Sir Otto Niemeyer, of England, the undertaking was given by some Treasurers of States that, subject to tho approval of Cabinet, they would apply to the Federal Arbitration Court for an all-round reduction in wages of railway employees. The Treasurers expressed the opinion that without increased revenue it was impossible for them to carry on the railway services if the present rate of wages was maintained. In an address on the economic situation at Epping, the Treasurer of New South Wales, Hon. B. Stevens, said: “The agreement we made with the hanks means that we will not be able to raise any further loans abroad for public works and services for some considerable time, and we will bo thrown on our own resources for capital development. As from September next, the Government will be required to transfer to London credits at a rate of approximately £3,000,000 per month to satisfy external debts.”
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Bibliographic details
Manawatu Standard, Volume L, Issue 219, 12 August 1930, Page 7
Word Count
191AUSTRALIA’S FINANCE Manawatu Standard, Volume L, Issue 219, 12 August 1930, Page 7
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