AUSTRALIA’S BURDEN

Manawatu Standard, Volume L, Issue 251, 18 September 1930, Page 7

AUSTRALIA’S BURDEN

BALANCING THE BUDGET. NEW TAXATION AND ECONOMIES. TREASURER’S STATEMENT.. (United Press Association—By Electric Telegraph.—Copyright.) Received September 18, 11.0 a.m. MELBOURNE, Sept. 18. No date has yet been fixed for the opening of the Federal Parliament. The Federal Cabinet sub-committee has explored the whole field so far as economies and taxation are concerned.

The acting Treasurer, Mr J. Lyons, stated to-day that new taxation as well as economies in expenditure would be necessary to balance the Budget this financial year. Mr M. Forde, acting Minister of Markets, stated to-day that so mriny exemptions had been granted from the operations of the sales tax that it was doubtful whether it would yield anything like the £5,000,000 estimated in the Budget.

STOCK EXCHANGE SALES. SYDNEY ANDMELBOURNE. BUYERS ARE WARY. Received September IS, 9.15 a.m. SYDNEY, Sept. 18. Buyers are still evincing their customary wariness on the Stock Exchanges in Sydney and Melbourne and holders have no alternative but to accept lower prices. Tho leading industrial securities are still falling, also bank shares. Commonwealth loans on the other hand are displaying increased activity. The monthly summary of Australian conditions, issued by the National Bank of Australia points out that under the system of wage fixation here it has not yet been possible to reduce production costs to an extent commensurate with the general decline in the national well-being.

MR SCULLIN OPTIMISTIC. PRIME MINISTER AT NAPLES. Received September 18, 10.50 a.m. NAPLES, Sept. 17. “Australia will soon be back to the flourishing position which it held before,” said Mr J. H. Scullin, in an interview aboard the Orama. “I am convinced that the phase of economic hardship through which the country is going is only temporary. Australia’s position is a result of decreased exports, which in turn is the outcome of a world-wide crisis in industry.

“I would have preferred to havo remained in Australia for I am very desirous of finding solutions to important problems awaiting me there.”

POOLING SCHEME. LONDON, Sept. 16. The Financial Times states : “Financial circles regard the initiation of a scheme of pooling Australasian bank funds in London, estimated at £40,000,000, as one of the most important measures introduced in connection with the crisis. “It is believed that the scheme will remove all doubts of Australia’s ability to meet her commitments promptly and faithfully. It is satisfactory that tho banks’ decision was unanimous.”

CRITICS OF AUSTRALIA. AT BRUSSELS CONFERENCE. LONDON, Sept. 16. Senator Foil represented Australia at the International Parliamentary and Commercial Conference at Brussels, at which 40 nations were represented. Conference members roundly condemned Australia’s tariff, but Mr Foil defended it and pleaded that Australia was endeavouring to restore her trade balance and readjust her finances. He urged that the world should regard Australia as a good customer endeavouring to solve her temporary difficulties.