OVER A MILLION DEFICIT

Taranaki Daily News, 20 November 1930, Page 9

OVER A MILLION DEFICIT

NEW SOUTH WALES FINANCE. STATE TREASURER'S WARNING. By Telegraph—Press Assn.—Copyright. Rec. 1.5 a.m. Sydney, Nov. 19. The annual report of the New South Wales Auditor-General for the year ended June 30 discloses a deficiency for the year of £1,379,263 in the consolidated revenue account. Overdrafts on the general ioan account total £14,056,460. The cash position shows a net debit balanceon all accounts, including London transactions to April 30 of £2,005,199, compared with £3,068,978 at June 30, 1929. Loan expenditure has decreased from approximately £17,000,000 in 1928-29 to £10,000,000. The public debt has increased by £8,931,000 and now stands at £276,209,411. The Auditor-General, while warning the people to prepare for a further shrinkage of State revenue sees no reason for- panic measures on the part of the Government. Heavy losses on tho railways are chiefly responsible for the State deficit. , . Cabinet to-day decided to bring forward legislation providing for a moratorium for genuine home buyers, who will be protected against foreclosure and whose interest payments will be regulated; also to establish a State lottery for charities.

■ The Federal Ministry is seeking the co-operation ■of the State Government toward the development of the shale oil industry which, if it fulfills anticipations, will provide work for at least 100,000 persons.