AUSTRALIAN NEWS.

Otago Witness, Issue 3996, 14 October 1930, Page 28

AUSTRALIAN NEWS.

VICTORIA’S BUDGET.

REDUCING SALARIES.

MELBOURNE, October 8.

Tn the amended Budget the Premier (Mr Hogan) proposes to reduce his own salary by 18 per cent., the members of the 'Assembly by 74 per cent., and the members of the Legislative Council 5 p?,r cent. Judges will also share in the reduction.

SETTING ASIDE OF AWARDS.

SYDNEY, October 8.

The Premier (Mr T. R. Bavin) an-’ pounced that as the result of the setting aside of the railway awards a number of the railwaymen who were dismissed are to be reinstated.

In Melbourne 18,000 officers and men will receive less pay, and about £130,000 will be saved.

NEWCASTLE COAL EXPORTS. SYDNEY, October 8.

Heavy decreases are shown iu the exports of coal from Newcastle. A total of 650,496 tons, valued at £890,449, was sent overseas and to the various States for the firsr nine months of this year, against 1,045,477 tons, valued at £1,220,722, for the corresponding period last year.

NEW SOUTH WALES HARVEST. SYDNEY, October 8.

The Director of Agriculture (Mr McDonald) stated that as the result of the recent welcome rains the previous estimate of the State harvest of 70,000,000 bushels is still possible. Much depended, however, on further falls.

THE PRICE OF PETROL.

SYDNEY, October 8.

The Acting Prime Minister (Mr J. E. Fenton) announces that an inquiry is being held into allegations regarding profiteering in petrol. He points out that the landed cost of American spirit is per imperial gallon, to which 4d is added as duty. Thus there is a big margin between the landed cost and the actual retail price, which is now 2s 3d per gallon. NEW SOUTH WALES REVENUE. DECLINE FOR LAST QUARTER. SYDNEY, October 8. The Treasurer (Mr B. S. Stevens) announces that the New South Wales revenue for the quarter declined by £1,391,000 compared with the same quarter last year, while the expenditure in all services showed a decrease of £660,000.

THE BANKERS’ CONFERENCE.

SYDNEY, October 8. A- governor of the Commonwealth Bank (Mr E. C. Riddle) stated after the bankers’ conference that the only decision reached so far related to the increase in the exchange rates to the extent of 50 per cent, in the telegraphic transfer selling rate. The Sydney on London changes had been made to bring the rates into conformity with market conditions, and to keep the exchange business as far as possible in the hands of the banks, so that the provision of £36,000,000 for Government purposes in London from the export funds might be less hardly accomplished. There was always a fair amount of exchange business which passed the banks by, but lately importers were finding themselves rationed in their London finance requirements by the banks, and had sought out exporters and carried out business with them.

Mr Riddle added that the advantages of these discussions and the efforts towards co-operation were likely to lead to similar banking conferences in future.

NEW EXCHANGE RATES. SYDNEY, October 8. The new exchange rates, Australia on London and London on Australia, which from October 9 will Ire quoted on the basis of .£lOO in London, were announced to-day after the bankers’ conference as follow: — AUSTRALIA ON LONDON. (Banking Rate, £lOB 10s). Buying Selling

Previously the rates were quoted at * stated premium or discount, as the case might have been, and it is essentia) to remember that the new rates are on a basis of £lOO in London.

OFFICIAL STATEMENT AWAITED. LONDON, October 9.

Representatives of Australian trading banks met representatives of New Zealand.banks and discussed readjustments of the rates of exchange between Australia and London, as announced yesterday, especially in their relation to the rates current between the Dominion and London, with the idea of making some amendment of the New Zealand chedule. This step was rendered desirable owing to the discovery recently of a leakage'of funds from Australia for London via New Zealand. No official statement has been issued.

THE DISCOUNT RATE.

NEW BANK RATES.

LONDON, October 8.

The associated Australian and New Zealand Banks announce:—From October 9, London selling rates Australian drafts mail transfers £lOB 17s 6d, Australia for £lOO, London cable transfers £lOB 10s. Rates purchasing bills on Australia, sight £lOO, London for £lO9 16s 3d; Australia 30 days £llO 7s 6d, 60 days £llO 18s 9d. 90 days £lll 10s.

INCREASE CAUSES SURPRISE. LONDON, October 9.

English and Australian financial circles are surprised at the increase in the discount rates. The opinion is expressed that there does not seem justification for such drastic rates, as Australian imports are declining so rapidly.

NEW ZEALAND EXCHANGE RATES.

ANNOUNCEMENT TO BE MADE. SYDNEY, October 10.

The Sydney Morning Herald says that the new exchange rates between Australia and London will not cause any appreciable change in the price of goods to be imported or in the loeal values of produce exported from Australia, for the reason that the exchange business for the month past has been done on a basis which is within 10s per £lOO of the rate now quoted. The Herald adds that the adjustments in. the New Zealand rates will be announced later.

EFFECT ON FREIGHT RATES.

LONDON, October 9.

Commenting on the effect of the increased rates of exchange on freight rates, Mr J. Degruchy, chairman of the Overseas Shipping Representatives’ Association, said that shipowners who had entered into contracts with frozen meat, butter and fruit interests for prepayment of freight would be heavily hit. The Morning Post’s financial editor says: “Australia’s new bank rates are. more a recognition of the extent of the depreciation of Australian pounds than any actual worsening of the Australian exchange position. The correction of exchange will be more rapid if the forces which are tending to depress exchange are allowed to operate freely, thereby helping to readjust the position by stimulating exports and discouraging imports.

SENATE ECONOMY SESSION. CANBERRA, October 9. After the Financial Conference it was learned that there will be no alteration in the arrangements for the meeting of the Senate, which will formally meet the same day as the House of Representatives on October 30. STOCK EXCHANGE BUSINESS. DEMAND FOR AUSTRALIAN LOANS. SYDNEY 7 , October 9. A significant feature of the business on the Stock Exchange is the continued "’ide demand for Commonwealth loans, which is particularly interesting in view of the fact that the Government will shortly be on the market for a conversion and probably for a conversion and cash issue. The largest advances were registered to-day by the 54 per cent 1941 loan, which rose 30s, and the 6 per cent. 1938, which is up to 20s. The hardening tendency is also noticeable in regard to banks, and for the time being sellers are rather’scarce. Irregularity, however, characterised industrial stocks. BALANCING THE BUDGETS. SIR WILLIAM IRVINE’S OFFER. MELBOURNE, October 10. Li view of the financial stringency, Sir William Irvine informed the Premier (Mr Hogan) that he was willing to forgo his salary of £2OOO as Chief Justice of the Supreme Court of Victoria; He is at present also Acting State Governor, for which he draws £5OOO.

POSITION IN CANBERRA. CANBERRA, October 10. A deputation which waited on Mr J. E. Fenton (Acting Prime Minister) tola him that many. Canberra business people were financially embarrassed, and many had been turned out of their homes be cause the Federal Government had not honoured its promises in regard to the transfer of departments. It was stated tha* in 1927 there were 3500 wage earners in the capital, while to-day there were only 600, Immediate relief for unemployment was requested.

Cabinet is to consider the position.

NEW SOUTH WALES FINANCE. SYDNEY, October 10.

The State Treasurer (Mr B. S. Stevens), addressing the civil servants, said the Government now had the financial problem well in hand, and unless the drift became more rapid the State would be able to weather the storm without material alteration of the present sacrifices.

RAILWAYS AWARDS.

UNION APPEAL AGAINST SUSPENSION.

MELBOURNE, October 7.

The general secretary of the Railways Union (Mr Chappie) announced that an appeal would be lodged with the High Court against the decision of the Arbitration Court setting aside the railway awards. The Full Court of the Arbitration Court decided to hear in a fortnight’s time applications by the Railway Commissioners of the four States, and others, for a variation of the basic wage. REDUCED WAGES. NEW SOUTH WALES RAILWAYS. SYDNEY, October 11. The Railway Commissioners announce that as a result of the setting aside >f Federal awards the 8 1-3 per cent, reduction in wages provided for under th2 State awards will be made general throughout the service, operating from tomorrow.

PROPOSALS IN SOUTH AUSTRALIA. ADELAIDE, October 11. In moving the second reading of the Road and Transport Bill in the Assembly, the Minister of Railways (Mr Denny) said that economies amounting to £611,000 would be effected. The salaries of the officers would be reduced. Retrenchment of over 900 officers and men would be carried out, and many free passes would be discontinued. The Board of Industry has decided that the State basic wage shall be reduced from £4 5s 6d a week to £3 15s.

ARMED BANDITS.

SUBURBAN BUS HELD UP.

SYDNEY, October 7.

Armed bandits in Sydney are becoming increasingly daring. A crowded suburban bus, containing about 35 passengers, was held up by two men. One presented a revolver at the conductor while the second cut the strap of his money bag with a razor. As the bus was leaving the conductor made a kick at the men, one of whom fired, the bullet embedding itself in the back of the vehicle. In another case three robbers attacked the conductor and driver of a bus. Resistance was shown, and the men made off. One was captured.

TOURIST TRAFFIC TO DOMINION. SYDNEY, October 7.

Tourist traffic from Australia to New Zealand promises to be heavy during the coming, season, and already there have been many bookings for the summer months, including several personally conducted tours.

- EVIDENCE OF A DOCTOR.

JUDGE’S SCATHING CRITICISM.

SYDNEY, October 9.

The Attorney-general has cabled for the papers in the recent Massy will case. Dr Ross meanwhile has asked to be relieved of all his official duties.

In giving judgment in a will suit in which undue influence was allaged against the testator’s widow, Mrs Jessie Massy, of Gundaroo, Mr Justice David: son scathingly criticised a leading Sydney practitioner, Dr Chisholm Ross, whose evidence related to the testator’s testamentary capacity. The judge, after adversely commenting on the doctor’s evidence, said: “I can only say that when a man sets himself up as a mental specialist and acts as Dr Chisholm Ross has done in this suit he is nothing less than a menace to the public and a disgrace to his profession. The judge dismissed tha widow’s suit asking that probate be granted her and another executor. BLAIMAIN MINERS. SECTION DECLARES PIT BLACK. SYDNEY, October 10.

Internal dissension among the miners who operate the Balmain Colliery in Sydney under an agreement with the liquidators of the original company continues .o make the mine a scene of Gilbertian taeties. A body of miner shareholders decided to declare the pit black and sack the manager (Mr Murray) because he insisted on selecting the men required. The black ban aimed at preventing any but the disgruntled miners’ own friends from being engaged. The manager, however, declines to accept dismissal, and the liquidators support him, considering that he is the most capable man for the job. The mine has been the centre of disputes for more than a year between sections of the employees, and several times it has been put on the black list by one party to coerce the other. Apart

from the surface staff, the pit is at present idle, and no coal has been produced for three months.

YEAR’S RESULTS NOT KNOWN.

ESTIMATES OF REVENUE. CANBERRA, October 11.

The figures relating to the Commonwealth finances cannot be taken as an accurate indication of what the position will be at the end of the financial year. On the revenue side, for instance, nothing has yet been received on account of interest on loans to the States, which is estimated to yield £1,519,000 before Jun*. 1931.

The quarter’s deficit in South Australia was £1,120,784, and in Tasmania £33,939.

A message which was published on Saturday stated that the Commonwealth finances for the quarter disclosed an excess of expenditure over revenue amounting to 46,747,000. The Customs revenue was at least £2,000,000 below the estimates. A similar position was disclosed with regard to the sales tax, estates duties, and postal revenue. THE BASIC WAGE. POSITION IN SOUTH AUSTRALIA. ADELAIDE, October 12.

It is unofficially stated that the South Australian Board of Industry has decided that the metropolitan basic wage shall be reduced from 14s 3d to 12s 6d daily, or from £4 5s 6d to £3 15s weekly. Twenty thousand workers are affected.

Telegraphic per £100. per £100. transfer £107 17 6 £109 0 0 On/demand .. 107 8 9 108 15 0 3.1/days .. .. 107 1 3 108 10 0 00 days .. .. 106 13 9 108 5 0 90 days .. .. 106 6 3 108 0 0 120 days .. .. — 107 15 0 LONDON ON AUSTRALIA. (No Buying Rate.) Buying. Selling. Telegraphic transfer £109 16 3 £108 10 0. On demand .. 110 7 6 108 17 .6 30 days .. .. 110 18 9 ■ — 60 days ... .. 111 10 0 90 days .. .. .112 1 3 — 120 days .. ..