FISCAL RECUPERATION

Northern Advocate, 13 June 1931, Page 9

FISCAL RECUPERATION

i PREMIERS’ PLAN ENDORSED i I VOTE OF LABOUR CAUCUSES. FEDERAL AND N. S. WALES. Press Association —By Electric Telegraph—Copyright.) (Received 9 a.m.) SYDNEY, June 12. The Federal Labour caucus, by 26 votes to 13, has endorsed the economy plan of the Premiers’ Conference. Immediate steps will be taken by the Government to enaet legislation ro give effect to its part of the plan. The State Labour caucus has adopted the report by the Premier of New South Wales, Mr J. T. Lang, on the financial plan evolved at the Premiers’ Conference.

Mr Lang assured his Ministers that • their salaries would not be cut until i the success of the Federal conversion ’ loan had been assured. LONDON TRANSACTIONS. HARDENING TENDENCY. ✓ (Received 12.30 p.m.) LONDON, June 12. Australian stocks hardened further today, notably Victorian 5 per cents, which, where dealings were recorded, were at £65, and New South Wales 31 per cents at £45. OPTIMISM ABSENT. PARTY MISTRUSTED. (Special to “Northern Advocate.”) CHRISTCHURCH, This Day. The “Christchurch Times” reports the following:— The decisions reached at the Premiers’ Conference in Melbourne- have had a steadying effect on markets, and in nearly every instance buyers’ offers for bank shares have advanced, the maximum movement being 15/. The Australian journals were not optimistic about the conference, the financial editor of the “Melbourne Journal” stating: —“Investors are evidently afraid that a party which failed to hoour tho Prime Ministers’ undertaking at the conference in August and has done nothing since to effect economics, excepting on narrow party linos, may again fail in the discharge of its obvious duty to the public.” The decision has yet to be given effect by various Parliaments, but prospects apparently are not viewed more favourably. Dealings on the Stock Exchange have shown more activity and the- turnover has increased, due to operations in bank and meat sections.