RETRENCHMENT

Northern Advocate, 3 October 1930, Page 5

RETRENCHMENT

FEDERAL CABINET SCHEMES CAUCUS CONSIDERATION. PAR LI A MENT CONVENED. (United Press Association—By Electric Telegraph—Copyright,) (Received 10 a.m.) CANBERRA, This itay. The Federal Cabinet has decided that the Federal Parliament shall be called together on October 30. The Acting-Prime Minister, Mr J. E. Fenton, in making this announcement today, said that the proposals to balance the Budget had Been approved by the Cabinet, which had agreed to reduce expenditure By £4,000,000 yearly.

The Cabinet has decided to recommend for consideration of the Labour Caucus those schemes previously announced, and has £,lso decided on a scheme for the promotion of new works, with the assistance of the Commonwealth Banl, Tor the absorption of unemployed. Mr C. H. Tranf, r, chairman of Associated Banks, sounded a cheerful note today, when he declared that people only required to deny themselves a few things and adjust themselves to new conditions and their economic difficulties would soon disappear. The healthy deposits held by the banks were the best indication of Australia's solvency. He added that it was the wrong time to sell stocks. His advice to those worried about the falling market w r as to lock bonds and scrip in their safes and throw away

the keys. There has been a decided improvement in the investment market in Sydney and Melbourne during the past two days, due to the evident desire of the ■ Governments to live within their income. Commonwealth bonds, banks and the better class of industrial stocks are appreciably firmer, with more buyers all round. The Premier of South Australia, Mr L. L. Hill, says that the State reduc-' tions in Civil .Service salaries will be on a sliding scale, at an average of 10 per cent., and will take effect on January IS. The Queensland Budget, introduced in the Assembly, provides for inereas cd income tax and succession duty and a duty on betting tickets. The Treasurer, Mr Barnes, said that a surplus of £3268 was expected.

CATTLE YARD PEES.

CUT DOWN BY HALF.

(Received noon.) SYDNEY,»This Day,

The Byduey Metropolitan Meat Board announces a 50 per cent reduction in foes at the Flemingtou sheep and cattle yards. Stock owners will thus reap savings of upwards of £12,000 annually. The board members have voluntarily cut their own salaries wherever possible in effecting econ-

omres,

STOCKS AND SHAKES,

REVIVAL IN AUCKLAND,

(Special to “Northern Advocate.”) AUCKLAND, Tins Day.

After a lengthy period of falling prices for bank shares and other Australian stock, which 'has been accentuated this week, there was a striking change when brokers met for the first call .this morning. There were buyers for most of the banking lines, with advanced limits in practically every instance. Thus Commercial Bank shares, which changed hands yesterday morning at 14/9, had buyers at 13/6, with sellers holding out for 16/6. A 'similar position obtained in regard to ether Common wealth stock, and Ml. Lyeill shares, which sold at 15/ yesterday, had buyers at 17/. Bank of New Zealand shares participated in the increased confidence and wore asked for at £2 10/3, with £4 IS/: offered for New Zealand Nationals.