N.S.W. FINANCES

Southland Times, Issue 21836, 13 October 1932, Page 5

N.S.W. FINANCES

IMPROVEMENT RECORDED. (United Press Assn.—Telegraph Copyright.) Sydney, October 12. An improvement in the State finances for the first quarter is revealed by the Treasury figures. The expenditure exceeded the revenue by £1,599,678. The revenue totalled £11,929,316, an increase of £2,301,931, compared with the same period last year, while the expenditure amounted to £13,528,994, a decrease of £3,259,065. CONVERSION LOAN SUCCESSFUL OPERATION. (Rec. 12.55 a.m.) London, October 12. Those who converted their holdings in the New South Wales loan received their allotments in full, and cash subscribers received 11| per cent, of the amounts applied for. Sixty-three per cent, of the holders converted. The cash applications totalled over £39,000,000. Financial circles regard the conversion as more than satisfactory, seeing that a higher percentage converted than is usual for dominion loans, although it is suggested in some quarters that conversion have been larger if the list had been kept open longer than a week. Authorities emphasize that it would be contrary to London custom to exceed a week. Dealings in the new loan opened at 2| and 21 per cent premium.