STATE DEFICITS

Taranaki Daily News, 12 September 1930, Page 7

STATE DEFICITS

POSITION IN AUSTRALIA / BIG DECREASE IN REVENUE ( ——— ' RESULT OF ECONOMY MOVE LOSSES ON RAIL AND TRAM N.S.W. TREASURER HOPEFUL By Telegraph—Press Assn.—Copyright. Sydnej 7 , Sept. 11. The financial report of the New South Wales Government for the first two months of the financial year shows a decrease in revenue of £1,196,195, compared with the corresponding period last year. Railways and tramways were responsible for a large proportion of this amount. The decrease in expenditure was £550,426. The Treasurer, Mr. Stevens, stated that nothwithstanding' the decline in revenue, which had been expected, the position well in hand and, provided they continued to exercise the same degree ‘of economy as already practised, there was no \ reason why the ledger should not be balanced by the end of the year. . The Queensland revenue for the first two months of the financial year was £1,920,456, the deficit being £218,606. The revenue and expenditure return for two months in South Australia shows a ' deficit of £656,359. The Western Australian shortage for months totalled £565,896. The Tasmanian deficit at the end of August was £29,882. The total debit balance is now £259,470, including the debit ' 'of £229,588 on June 30. CRITICISM OF MR. AV. M. HUGHES. WARM. REPLY BY NjS.W. PREMIER. Sydney, Sept. 11. “His remarks are utterly unworthy of 7 a man who has been Prime Minister of Ihe Commonwealth, and are likely to have a serious effect upon Australian credit in London,” commented the New South Wales Premier, Mr. T. IL' Bavin, upon the statement of Mr. W. M. Hughes, j Mr. Bavin emphasised that there was ■no truth in Mr. Hughes’ suggestion that Sir Otto Niemeyer had attempted to dictate Australia’s'financial policy. On the ■ contrary, he came to Australia to tender expert advice as an impartial outsider. Unfortunately much more significance would be attached to Mr. Hughes’ remarks in England tha~' they»deserved. Most of the people there were not aware that he was a spent force in the Commonwealth. ' Mr. W. M. Hughes, replying to Sir Otto Nismeyer's report, had said that while agreeing that the Budget must be balanced, this should apply all round. He expressed the opinion that Sir Otto Niemeyer’s .talk about Australia’s debts was only a smoke screen designed to induce a radical change in the national policy and stampede the people into a compound in which the interests represented by Sir Otto desired to intern them. The acceptance of the policy suggested by Sir Otto Niemeyer would only result in stagnation and despair. ’ • * DRIFTING OF SHARE PRICES. ' LITTLE DISPOSITION TO TRADE. Rec. 8.55 p.m. Sydney, Sept. 11. The sharemarket is still displaying a tendency to drift but bonds are firmer. Bank shares in some instances are easier without much disposition to trade. Sellers of Bank of New South Wales shares still .‘■•ought to realise to-day and the price fell away 7g 6d to the new low level of £32 12s 6d.