NEW SOUTH WALES
RAILWAYS FINANCE REDUCTION OF CAPITAL SYDNEY, Sept. 2 After a combined meeting of tho United Australia party and the United Country Party, the Premier of New South Wales, Mr. B. S- Stevens, announced that Cabinet had decided to .-recapitalise) the State railways.
Tho present capital of £140,000,000 would be reduced by between £20,000,000 and £30,000,000. This would lessen the interest bill on the railways by between £1,000,000 and £1,500,000 a year. The Cabinet also had decided to review railway freights and fares. Any reductions ultimately determined upon would .be announced in the P«udget Speech when Parliament is opened on September 6 by tho Governor, Sir Philip GameThe Legislative Council Reform Bill will be brought down in the Upper House early next week. It is proposed that there should be 45 elected members and 15 nominees.
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New Zealand Herald, Volume LXIX, Issue 21278, 3 September 1932, Page 9
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138NEW SOUTH WALES New Zealand Herald, Volume LXIX, Issue 21278, 3 September 1932, Page 9
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