ECONOMY ESSENTIAL

Poverty Bay Herald, Volume LV, Issue 17238, 19 April 1930, Page 5

ECONOMY ESSENTIAL

AUSTRALIAN FINANCE " INCOME £10,000,000 LESS SYDNEY, April 17. Speaking at the Royal Agricultural Show luncheon, the Federal Treasurer, Mr. E. G. Theodore, said thaf.". there would be a diminution- of £10,000,000 in the national income of Australia this year. In addition to the falling " ; off of Customs revenue, due to restrictions on imports, there would be a shortage of taxable income of about £30,000,000. He added: '.'Whether we like it or not, there must be economy in. all .departments of the Government, service, and of commercial life. When we do go on the London market the entire proceeds will bo required 'for the reduction of existing overdrafts in London, and for retiring certain Treasury Bills recently sold on the market. There is no prospect of Australia looking to London for loan money for .public works for a considerable time." POTENTIAL WEALTH AN AMERICAN'S COMMENT - " WASHINGTON, April 18. The former Trade Commissioner, Mr. Baldwin, who has assumed the office of assistant chief in the automotive division of the Department of Commerce, in a discussion on Australian conditions, said: "The character of America's export trade to Australia is changing, and probably will continue to change, because of the increasing industrialisation of the country. Furthermore, when the benefits of industrialisation become more apparent, and the present economic difficulties are overcome, the enhanced power of the Australian people will open new opportunities for the sale of American products. x Potentially, Australia is a wealthy country, and with a greater population required to exploit its wealth, it should became a more important market for exporter