POSITION IN AUSTRALIA

Otago Daily Times, Issue 21361, 15 June 1931, Page 7

POSITION IN AUSTRALIA

VICTORIAN TAXATION PROPOSED INCREASES / v. (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, June 14. (Received June 14, at 8 p.m.) The Victorian Government has submitted proposals to IParliament for raising an additional ±1,796,000 by increased taxation on incomes and increased stamp duties on wages and salaries. THE FEDERAL CABINET. ASSISTANT MINISTER RESIGNS. MELBOURNE, June 14. ; (Received June 14, at 8 p.m.) Mr E, J. Holloway, assistant Minister of Industry in - the Federal Ministry, has resigned, being strongly opposed to the Premiers’ Conference economy plan. He has written a letter to the Prime Minister saying that he has- no sympathy with the reduction in pensions, and he believes the only way to revive the Australian position .is by the issue of fresh credit through the National Bank. Mr Holloway defeated Mr Stanley Bruce, the former Prime Minister, at the last election in Flinders, but he has indicated that he intends to contest the Melbourne Ports electorate,'which is an industrial constituency, at the next election.

COMMONWEALTH BONDS. ✓ HEAVY DECLINE IN . SYDNEY; SYDNEY, June 13. Commonwealth bonds are declining heavily, pending the announcement regarding the incidence of the conversion loan on individual issues. Prices fell as much as 70s. DEALINGS IN LONDON. LONDON, June 12. Australian stocks hardened further, notably Victorian 5 per cent., in which dealings were recorded at £65. New South Wales 3J per cent, were sold at £45.