AUSTRALIAN NEWS

Otago Daily Times, Issue 22295, 22 June 1934, Page 9

AUSTRALIAN NEWS

WOOL CLIP FOR SEASON. THE OFFICIAL ESTIMATE. SYDNEY, June 21. The Australian wool clip for the 1934-35 season is ofhcially estimated at 3,146,000 bales, 17 per cent, of which represents crossbred . and other strong wool breeds, the balance being merino. The 1933-34 clip was approximately 2,995,686 bales. THE STATE DEFICITS. REDUCED ESTIMATES. SYDNEY, June 20. The Herald's Melbourne representative says: Replying to a request from the Loan Council for short-term accommodation covering estimated deficits cf £6,750,000 during the next financial year, the Commonwealth Bank Board stated that it regarded Treasury bills as a form of temporary finance justified by the economic crisis. It invites the Governments to finance their deficits themselves. As this means borrowing in the open market, the plan is not likely to bd acceptable to the Loan Council. It is expected that the Governments will reduce their estimated deficits for 1934-35 to £5,000,000 or less in the hope that the Commonwealth Bank Board will agree to cover this reduced estimate. FINANCING THE STATES. TREASURY BILL ISSUE. MELBOURNE, Juno 21. (Received June 21, at 11 p.m.) The Commonwealth Bank Board to-day agreed to the modified request of the Loan Council to finance the States' deficit for the coming financial year to the extent of £5,880,000 by a Treasury bill issue. t SYDNEY SHEEP SHOW. A NEW ZEALANDER'S SUCCESS. SYDNEY, June 21. (Received June 21, at 9.30 p.m.) The annual sheep show was rpencd to-day on the showground. The exuibits totalled 1200, which is a record, and they are estimated to be worth £250,000. They came from all parts of Australia aud New Zealand. The chief prize taker in merinos was Mr W. T. Merriman, while in British breeds and Border Leicester the New Zcalander, Mr Donald Grant, w6n the prize for reserve grand champion ram and first prize for ram under one year, ram under two years shorn not earlier than six weeks prior to the day of judging, and ewe under one year. The majority of the prizes in the Roinney Marsh sections went to Messrs W. Glasson and A. Carr, in Southdowns to Messrs J. MThillnmy and W. M'Sweeney, and in Corriedalcs to Prcll Bros, and Guthrie Bros. LIFTING THE EMBARGOES. SYDNEY, June 21. (Received Juno 21, at 11 p.m.) Regarding the decisions at the Canberra conference yesterday on the New Zealand and Australian embargoes, it is pointed out that the conference adopted the attitude that administrative and scientific services are now so efficient that mutual confidence should be established to the fullest extent, that the system of embargoes might be replaced as rapidly as possible by systems of controlled exportation of products, with full reliance upon the field control and inspection services of the respective dominions.