ENORMOUS IMPROVEMENT

Taranaki Daily News, 12 January 1932, Page 7

ENORMOUS IMPROVEMENT

COMMONWEALTH FINANCE

BRIGHTER TRADE OUTLOOK RISING IN THE REVENUES LOAN COUNCIL CONVENED By Telegraph—Press Assn.— Copyright. Rec. 7.50 p.m. Canberra, Jan. 11. A special meeting of the Australian Loan Council has been convened for January 27 to consider th© financial position of the various State Governments. The first half of the Commonwealth financial year closed with a deficit of £1,231,000, compared with a £9,000,000 deficit on December 31, 1930. The enormous improvement is due, however, to the war debt moratorium, economies effected under the Premiers’ rehabilitation plan, and rising revenue consequent on brighter trade conditions. STOCK EXCHANGE IMPROVES. GREATER VOLUME OF BUSINESS. Rec. 9.30 p.m. Sydney, Jan. 11. A welcome improvement in the volume of business on the Sydney Stock Exchange and a brighter tone are reported, inquiry embracing a wider range of stocks. Australian consolidated bonds stocks continued their upward run, 4 per cent. 1938 bonds selling at £95 10s, showing a 16s rise and finishing at £95 7s 6d, while 1941 bonds found buyers at £94 17s fid; 1947 sold at 20s higher at £94 10s; 1951-59 bonds had sales at £94 12s fid. There was a little more activity in bank shares, and Bank of New South Wales shares recovered 5s at £3O 15s. New Zealand Government stock (5J per cent. 1937) had a sale at £ll2. Other sales were: Goldsbrough Mort., 27s 9d; Colonial Sugar, £45; Broken Hill Proprietary, 17s fed; Broken Hill South, 46s 3d; Dunlop Perdriau Rubber, 14s 3d; British Tobacco, 30s 6d; Zinc Corporation, 30s 4id. During the four days that the exchange has been operating since the holidays most bonds have advanced £2. Shorter-dated issues are most popular, notably 4 per cents 1938, which moved up £2 12s 6d and 1944 and 1947, each gaining £2 10s. The greatest gain was reflected by 1959 bonds, which have added £2 15s since last year’s closing figure. COMPREHENSIVE OVERHAUL. ACTION BY NEW GOVERNMENT Melbourne, Jan. 11. Within the next week the Federal Ministry will deal with the major problem of finance. Mr. J. A. Lyons, Prime Minister, stated: that Treasury officials are preparing a comprehensive analysis of the financial position of the Commonwealth which, together with the reports from the State officials, will be placed before the next meeting of the Loan Council. The Sydney Herald says that there is a possibility of Mr. S. M. Bruce being appointed permanent chairman of the Loan Council during the period of the Lyons Government. NEW SOUTH WALES ECONOMY. •REDUCTION OF THE DEFICIT. Sydney, Jan. 11. It is officially announced on behalf of the 'State Treasury that the undertaking given the Loan Council last year by the New South Wales Government to ■reduce the estimated deficit by economies will in all probability be realised at the close of the present financial year. Mr. Lang undertook to endeavour to ibring the deficit down to £5,410,000.