Conference Gloomy
SYDNEY, Sopt. 3. The Sydney Morning Herald says that the Melbourne Premiers’ Conference considered the financial position of the Federal and State Governments with respect to the economy plan in.an atmosphere of uncertainty and pessimism. It was realised that the aggregate of Government deficits for this financial year would be so much in excess of the £15,000 which the banks had agreed to meet that the economy plan on its present basis would be a failure. It is understood that the aggregate additional deficits for the financial year arc approximately £30,000,000. Prom the general trend of the discussion it seemed that the Premiers felt that, banks would have real difficulty in finding the additional credit, and resort would have to bo made to a further effort to restrict expenditure and increase revenue. The great difficulty of imposing additional taxation is recog’ nised, but the Premiers were inclined.to take the view that if further sacrifices were needed, there should be no hesitation in applying for them.
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Bibliographic details
Manawatu Times, Volume LIV, Issue 6645, 4 September 1931, Page 7
Word Count
167Conference Gloomy Manawatu Times, Volume LIV, Issue 6645, 4 September 1931, Page 7
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