AUSTRALIA'S FINANCES.

New Zealand Herald, Volume LXIX, Issue 21223, 1 July 1932, Page 11

AUSTRALIA'S FINANCES.

STABILISATION PLAN.

ADHERENCE BY PREMIERS.

UNANIMOUS DECISION.

By Telegraph—Press Association—Copyright.

(Received Juno 30, 8.45 p.m.) CANBERRA, Juno 30

Tho Premiers' Conference to-day reached unanimity in affirming adherenco to the principles of the Premiers' Plan of 1931. By so doing the heads of the various Governments undertook to meet their interest obligations, to continuo progressively to reduce their Budget deficits and to conduct their public policy with a view to reviving industry and restoring employment.

Tho Prime Minister, Mr. J. A. Lyons, in a congratulatory speech, warned tho conferenco that if tho Premiers' Plan broke down Australia's credit overseas would bo seriously affected.

INTEREST ON SAVINGS.

SLIGHT CUTS IN RATES.

DETAILS OF NEW SCHEDULE

(Received Juno 30. 8.5 p.m.) SYDNEY, Juno 30,

Tho directors of the Commonwealth Savings Bank announce that from to-mor-row slight cuts in interest rates on deposits will be made. The new rates will bo 2| per cent, on sums up to £SOO ; 2} per cent, on £SOO to £1000; and 2 per cent, on £lOOl to £I3OO.

These adjustments, it is explained, are designed to effect general relief from the interest burden in accordance with the Premiers' Plan. The reductions represent 5s per £IOO on sums up to £IOOO, but larger credits will not be affected.