BRAVE POSITION IN N.S.W.

Taranaki Daily News, 4 February 1930, Page 9

BRAVE POSITION IN N.S.W.

DISASTROUS COAL DISPUTE FINANCES CAUSING CONCERN CONFERENCE OF MINISTERS PESSIMISM DEPRECATED By Telegraph—'Press Assn. —Copyright. Sydney, February 3. A conference was held during the week-end between the Federal Prime Minister (Mr. J. 11. Scullin), the Federal Treasurer (Mr. E. G. Theodor?), the New South Wales Premier (Mr. T. R. Bavin) and the New South Wales Treasurer (Mr. B. S. B. Stevens), concerning the grave financial position of New South Wales, which is due largely to the prolonged and disastrous coal dispute and the serious decline in wool prices. The discussions were held in private. Mr. Bavin stated afterwards that the State’s difficulty was in obtaining loan money for the continuance of public works. If money for this purpose could not be obtained drastic retrenchment would have to be considered. Finality, however, had not been reached. The Prime Minister emphasised the desirability of finding a settlement of the coal dispute as an incentive to investment loan issues and the restoration of confidence in Australia. Mr, Scull in described the whole problem of obtaining finance for all the States as very serious. Mr, Scullin. and Mr. Bavin" had a further talk to-day and Mr. Scullin later made a statement that while the position of the Commonwealth as a whole was admittedly difficult, it would not be improved by undue pessimism. He had absolute confidence in the resources of Australia and its powers of recuperation; therefore he counselled the community not to view the outlook through dark glasses. Customs receipts declined in every State-of'the Commonwealth last month. The total of £3,371,000 was £250,000 less than the revenue for January, 1929. The collections for the past seven months, however, amounted to £26,486,000, an increase of £1,879,000 on the similar period of the preceding year. AUSTRALIAN CONVERSION LOAN. GOVERNMENT ANNOUNCES TERMS. Sydney, February 3. The Commonwealth Government has announced the terms of the conversion loan of £10,600,000, which is falling due on March 15. The terms are 6 per cent, at par, with currency of seven years. The National Debt Commission will provide out of the sinking fund £1,100,000, leaving £9,500,000 to be provided for. Holders of the 6 per cent, loans of £60,000,000, maturing on December 15 next, will also have the opportunity to convert.