EXPERTS CALLED

Taranaki Daily News, 15 January 1931, Page 7

EXPERTS CALLED

' finance OF AUSTRALIA APPOINTMENT OF COMMITTEE ALL GOVERNMENTS TO ACT THREE-YEAR ADJUSTMENT CRITICISM OF MR. LANG By Telegraph—Press Assn.— Copyright. Rec. 8.30 p.m. Melbourne, Jan. 14. The Loan Council, consisting of the Premiers and Treasurers of the varioix) States, has decided that an expert committee, not necessarily political, representing the seven Governments of Australia i liquid be appointed to recommend means F tor the rehabilitation of the national finance. It is understood Sir Robert Gibson, chairman of the Commonwealth Bank, will be chairman. The council has also decided that a conference of Premiers and Treasurers should be convened within' a month to review the whole financial position. Members of the Loan Council to-day considered the attitude of the New South Wales Premier, Mr. J. T. Lang, who was holding aloof from the council yet expected it to back his bills. Keen resentment was expressed at his conduct and the view was expressed that while Queensland, South Australia and Tasmania were doing their best to cut public expenditure these States were expected by Mr. Lang to carry the baby of his prodigality. The council’s decision in this connection was not disclosed. The proposed conference is to lay down a three-year plan aiming at an adjustment within that period of the public finance and general monetary conditions. The council also fixed terms whereon Commonwealth securities may be sold .over counter by the State Treasurers as Six per cent, at par maturing on May 31, 1934; or 5J per cent, at par maturing on December 15, 1940. INCREASED EXCHANGE RATE, \ NEW RATE AIDS DEBT PAYMENT. Rec. 12.50 a.m. London, Jan. 14. The advancing exchange rate in Australia will aid the plan whereby the banks undertake to furnish £3,000,000 monthly required in London for the payment of interest on Australian debts, says the Financial Times. The fall of Australian stocks has had the effect, says the Morning Post, of bringing in bargain hunters, who argue that to purchase at present can hardly hurt capitalists who have money with which to take risks and upon which the yield now is exceedingly handsome.