BALANCING THE BUDGET

Otago Daily Times, Issue 21147, 3 October 1930, Page 9

BALANCING THE BUDGET

AUSTRALIA’S PROBLEM. PROPOSALS BEFORE CABINET. (United Press Association.) (By Electric Telegraph—Copyright.) CANBERRA, October 2. Consideration of the .financial position and proposals for balancing the Budget have been commenced by the Cabinet. No definite decisions have been reached. The State revenue returns for September, in Victoria, South and Western Australia, and in Queensland, show further large decreases compared- with the corresponding month last year. TEE PROPOSALS APPROVED. CANBERRA, October 2. (Received Oct. 2, at 10 p.m.) _ The Federal Cabinet decided that the Federal Parliament should he called together on October 30. The Acting Prime Minister (Mr Periton), in making this announcement to-dfty, said that the proposals to balance the Budget had been approved by Cabinet, which has agreed to reduce the expenditure by £4,000,000 a year. A CHEERFUL NOTE SOUNDED. ■ MELBOURNE, October 2. (Received Oct. 2, at 10‘ p.m.) Mr C. H. Tranter, chairman of the associated banks, sounded a cheerful note to-day when he declared that the people only required to deny themselves a few things and adjust themselves to new conditions and their economic difficulties rT°ij t. Soo , n disappear. Healthy deposits held by the banks were the best indication of Australia’s solvency. He added that it was the wrong time to sell stocks, and his advice to those who were worried about the falling market was to lock the bonds and the scrip in their safes and throw away the keys. ■i . THE INVESTMENT MARKET. A DECIDED IMPROVEMENT. , ■ SYDNEY, October 2. (Received Oct. 2, at 11.80 p.m.) , There has been a decided improvement m the investment market in Sydney and Melbourne during the past two days,, due' to the evident desire of the Governments to live within their incomes. Commonwealth bonds, banks, and the better class of industrial stocks are appreciably nrmcr ; with more buyers all round.