FEDERAL POLITICS.
' i-' ' ; THE NAVAL CONFERENCE. NOTE ISSUE PROPOSALS. Pres» Association-By Telegraph-Copyright Received 1.25 a.m., May 10th. MELBOURNE, May 9. The Federal Gorernment will, be represented at the Naval Conference by Senator Pearce and by Mr J. C. "\Y.atson. In the new. proposals for a Federal note issue, Mr Fisher, the Prime Minister, takes as his basis that the. Commonwealth will absorb four millions, 25 per cent, will be retained by the Treasury as a balance against the demand for cash, the rest he proposes to " invest. He estimates that 3or 3J per cent, on three millions will produce a revenue of £IOO,OOO a. year. Mr Fisher is considering whether as an additional reserve against notes in the case of a panic there should not be treasury bills which might be issued up to 50 per cent, of the total for security for cash in case of necessity. '
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Bibliographic details
Timaru Herald, Volume XIIC, Issue 13899, 10 May 1909, Page 6
Word Count
148FEDERAL POLITICS. Timaru Herald, Volume XIIC, Issue 13899, 10 May 1909, Page 6
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