LARGE STATE DEFICITS.
FURTHER TAXES PROBABLE. PREMIERS DISCOURAGED. SYDNEY, Sept, 3. The Sydney Morning Herald says the Premiers' Conference at Melbourne considered the financial position of the Federal and State Governments with respect to the economy plan in an atmosphere of uncertainty and pessimism. It is realised that the aggregate of the Government's deficits for this financial year will be so much in excess of the £15,000,000 which the banks agreed to meet that the economy plan, on its present basis, will be a failure. It is understood that the aggregate additional deficits for the financial year will be about £3,000,000. From the general trend of the discussion it seemed that the Premiers felt that the banks would have a real difficulty in finding the additional credit, and that resort would have to be made to a further effort to restrict expenditure and increase revenue. The great difficulty of imposing furthor taxation is recognised, but the Premiers are inclined to take the view that if further sacrifice® are needed there should be no hesitation in applying for it.
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New Zealand Herald, Volume LXVIII, Issue 20969, 4 September 1931, Page 9
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178LARGE STATE DEFICITS. New Zealand Herald, Volume LXVIII, Issue 20969, 4 September 1931, Page 9
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