PREMIERS' CONFERENCE.

New Zealand Herald, Volume LXIX, Issue 21224, 2 July 1932, Page 9

PREMIERS' CONFERENCE.

REVIVING INDUSTRY.

CONSIDERATION OF BUDGETS.

BANKS TO BE CONSULTED.

By Telegraph—Press Association—Copyright SYDNEY, July 1

The Premiers' Conference rose late last, night after a protracted sitting-, during which the estimated Budget deficits for the next financial year were discussed and examined with a view to making substantial reductions. The Primo Minister, Mr. J. A. Lyons, stated that a tentative figure had been arrived at, but could not bo disclosed, as it was intended to hold a conference with the Commonwealth Bank and the trading banks in Sydney on Monday or Tuesday.

It was officially announced that of the £4,500,000 worth of Treasury bills maturing with the Westminster Bank, London, to-day, £4.250,000 worth had been renewed for three months at 4,- per cent., the, existing rate of interest. The South Australian State deficit for the year is £1,074,000, compared with an estimated deficit of £1,489,000.

A message from Melbourne states that Victoria's revenue receipts from all sources amount to £1,891,653 less than the revenue ' for 1930-31, which totalled £25,151,193. The actual receipts are £1,270,455 less than the estimate. The Premiers of the various States are to meet at Sydney next week to tackle the problem of reviving industry and relieving unemployment. Another conference is to be held at Canberra a month hence.

The Premiers are obsessed by the need of evolving a national policy to bring about reconstruction in the light of existing conditions.