EMPTY STATE TREASURY

Otago Daily Times, Issue 21409, 10 August 1931, Page 7

EMPTY STATE TREASURY

MR LANG’S DILEMMA PASSING OF REVISED BILL ESTIMATED ANNUAL SAVING (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, August 8. The revised Public Service Salaries Bill passed through both Houses of Parliament. It is anticipated that the annual saving will be £1,300,000. The wages tax of Is in the £ will be additional to the reduction. It is now expected that money will be available next week to pay the civil servants’ salaries. The passage of the Bill clears the way for the Loan Council to give permission for the issue of Treasury bills to cover the amount needed, and it is anticipated that this permission will be given on Monday. / ISSUE OF TREASURY BILLS. LOAN COUNCIL’S APPROVAL. MELBOURNE, August 9. (Received August 9, at 5.5 p.m.) The Loan Council approved of the issue of Treasury bills amounting to £500,000 to cover the cash requirements of New South Wales for July. The Prime Minister, in making the announcement, said that the New i South Wales Government had given all the undertakings that were required, even to effecting a 20 per cent, reduction in adjustable Government expenditure. Mr Scullin added that the question of the cash requirements for each State Government for August and subsequent months would be considered next week. It is now expected that the New South Wales public service salaries will be paid on Monday. “FANTASTIC SOCIALISM.” SUNDAY DESPATCH COMMENT. LONDON, August 9. (Received August 9, at 8 p.m.) The Sunday Despatch, in an editorial, says: “ New South Wales must be classing her Premier among luxuries. No country in these hard times can afford the fantastic socialism which has made them the laughing stock of the world and involved Australia in almost ,every kind of financial embarrassment. It is extraordinary that he has remained in office so long, but New South' Wales is unlikely to have another Lang.” A “ DISLOYAL ” COUNCILLOR. DISMISSED AS PUNISHMENT. SYDNEY, August 8. After 14 years as secretary of the Eight-hour Demonstration Committee, Mr Yager, a Legislative Councillor, has been dismissed as punishment for voting against the Government on the 5s in the £ Wage Tax Bill. The official charge read: “Disloyalty in breaking the Lang Plan pledge.” REOPENING OF SAVINGS BANK. PROBABLY NEXT WEEK. SYDNEY, August 8. The Daily Telegraph says it is hoped to reopen the Government Savings Bank on August 17. The Expert Committee’s scheme has been handed to the parliamentary draughtsmen, and the work will be expedited in that department so that the necessary legislation may be ready for Parliament next week. Six leading business men may act as trustees. THE BREAD “WAR” OVER. SYDNEY, August 9. (Received August 9, at 7 p.m.) The bread “ war ” is now apparently over, the New South Wales Government having agreed to pay at the' rate of 4s 3d per dozen for bread, redeemable on the dole coupons. A REDUCTION. OF INTEREST. THE COMMERCIAL BANK. MELBOURNE, August 8. Addressing the shareholders of the Commercial Bank of Australia, Mr John Webb (chairman) announced a reduction of interest of 1 per, cent, from October 1. He referred to the Victorian Government’s previous threat to compel the banks to do this. Mr Webb said that legislative interference might so hamper the banks that it would be impossible further to help the Governments, while the arbitary fixation of the rate of interest would possibly make money dearer or force further capital from the country. ' FARMERS’ DEBTS. THE COMMISSION’S ESTIMATE. PERTH, August 8. The Farmers’ Debts Adjustment Commission reported that the estimated liabilities of 20,500 farmers were about £31,000,000, not inclusive of the amounts owing to stock and station agents, private mortgagees, doctors, and tradespeople other than country storekeepers. THE ECONOMIES PLAN. NECESSARY STATE LEGISLATION. MELBOURNE, August 8. The Loan Council, in a statement, points out that the Commonwealth Government has passed the necessary legislation to give effect to the economies plan adopted by the Premiers’ Conference, and for converting loans. Queensland, South Australia, and Tasmania also passed the necessary legislation, and it is expected that the Western Australian Bills will be passed to-day. LOAN CONVERSION. A.M.P. SOCIETY’S HOLDING. (Per United Press Association.) WELLINGTON, August 9. Following on the proclamation of the Debt Conversion Act Sir Alfred Meeks, chairman of the Australian Mutual Provident Society, has telegraphed to the Australian Prime Minister (Mr J. H. Scullin) that the society will convert the whole of its holding of Commonwealth and State loans, amounting to £21,750,000. The trustees of the Officers Provident Fund of the society will also convert its holding of stock, amounting to £318.000.