AUSTRALIA’S FINANCE

Manawatu Standard, Volume LII, Issue 118, 19 April 1932, Page 7

AUSTRALIA’S FINANCE

REHABILITATION PLAN. PREMIERS’ CONFERENCE ADHERENCE. VICTORIA’S ATTITUDE. (United Press Association—By Electric Telegraph.—Copyright.) MELBOURNE, April 18. The Premiers’ Conference passed a resolution affirming adherence to the Premiers’ rehabilitation plan, and undertaking to meet ■ interest obligations, and to continue progressively to veduco the State Budget deficits. Mr T. Tunnicliffe, acting-Premier of Victoria, was a dissentient. He refused to be bound by the plan except as to meeting interest obligations which had been endorsed by las Government. Ho considered that there should be a modification of the original plan. The conference decided in view of the attitude of Mr Lang to cut off the New South Wales share of loan money for unemployment. TO ALLEVIATE UNEMPLOYMENT. REQUEST TO COMMONWEALTH BANK. Received April 20, 10 a.m. MELBOURNE. April 19. At the conclusion of the Premiers’ Conference, Mr J. A. Lyons made a statement to the effect that so lar as the unemployment issue was concerned the conference had concluded. The Premiers of four States were now evolving a plan for the expenditure of money to alleviate unemployment. The conference was not wholly abortive, and the door was still open to Victoria. A further conference was being held at the end of May in view of the financial position of the States. It is unofficially stated that the Commonwealth will approach the Commonwealth Bank board with a request for at least £3,000,000 to enable the States which will be signatories to the plan to tide the unemployed over tho winter months. JUDGMENT RESERVED. SYDNEY, April 18. The High Court reserved judgment to-day on the New South Wales Government’s application for a certificate for leave of appeal to the Privy Council against the majority judgment of the High Court upholding the validity of the Financial Agreements Enforcement Act. NEW GUARD AND POLICE. COMMENT AROUSES INDIGNATION. Received April 19, 10.5 a.m. SYDNEY, April 19. The comment made by Rev. T. E. Ruth at the Pitt Street Congregational Church relative to the police and the New Guard havo aroused indignation among the union secretaries at the Trades Hall. The secretary of the Labour Council. Mr J. S. Garden, who was formerly a Baptist minister, has replied to Mr Ruth’s statements by challenging him to allow him to take the pulpit next Sunday, and speak on the text from St. Matthew: “Blessed are ye, when men shall revile you, and persecute you, nnd shall say all manner of evil against you falsely, for my sake. Rejoice, and be exceedingly glad, for great is your reward in Heaven.” BANK DEPOSITS. SYDNEY, April 18. The increase of depositors’ balances with the Commonwealth Bank for the year ended March 31 amounted to £67,247,000. This was largely due to the amalgamation of the New South Wales Government Savings Bank with the Commonwealth Bank. Depositors’ balances, however, declined during March by £764,142.

LONDON MARKET,

AUSTRALIAN STOCKS WEAKEN.

Received April 19, 10 a.m. LONDON, April 18. Australian stocks have weakened all round.