NEW SOUTH WALES FINANCE.

Timaru Herald, Volume CXXV, Issue 18490, 4 February 1930, Page 9

NEW SOUTH WALES FINANCE.

Grave Position Disclosed. LOANS DIFFICULT TO OBTAIN. (United Press Association —By Electrlo Telegraph—Copyright.) SYDNEY, February 3. A conference was held during the week-end between the Prime Minister <Mr J. H. Scullin), the Federal Treasurer (Mr E. G. Theodore), the State Premier (Mr R. T. Bavin) and the State Treasurer (Mr B. S. Stevens), concerning the grave financial position of New South Wales, due largely to the prolonged and disastrous coal dispute, and the serious decline in wool prices. The discussion was held In private. Mr Bavin stated afterwards that the State’s difficulty was in obtaining loan money for the continuance of public works. If money for this purpose could not be obtained, drastic retrenchment would have to be considered. Finality, however, was not reached. The Prime Minister had emphasised the desirability of finding a settlement for the coal dispute as an incentive to investment loan issues, and the restoration of confidence in Australia. Mr Scullin described the whole problem of obtaining finance for all States as very serious. The Conference was not concluded. AUSTRALIA’S RESOURCES. PRIME MINISTER CONFIDENT. (United Press Association—By Electric Telegraph—Copyright.) (Received February 3, 10.50 p.m.) SYDNEY, February 3. The Prime Minister and Mr Bavin had a further talk to-day over the financial position. Mr Scullin later made a statement that while the position of the Commonwealth as a whole was admittedly difficult, it would not be improved by undue pessimism. He had absolute confidence in the resources of Australia, and its powers of recuperation. Therefore he counselled the community not to view the outlook through dark glasses.