STATE TREASURER’S DIFFICULTIES.

Timaru Herald, Volume CXXV, Issue 18492, 6 February 1930, Page 9

STATE TREASURER’S DIFFICULTIES.

HEAVY PENALTIES THREATENING. (United Press Association—By Electric Telegraph—Copyright.) (Received January 5, 8.45 p.m.) SYDNEY, February 5. An awkward situation, arising from the financial, stringency, is facing the State Government. This is the possibility of being required to pay £50,000 penalty for failing to complete the contract with Hoskings Limited, to construct the Port Kembla-Moss Vale railway line, which should be finished this month, but is unlikely to be so before the end of the year. The State Treasurer hopes to settle the difficulty. »

STOCK EXCHANGE RECOVERY. \

HAS AUSTRALIA TURNED THE CORNER? \ (United Press Association—By Electric Telegraph—Copyright.) (Received February 5, 10.30 p.m.) SYDNEY, February 5. A conference of Federal and State Ministers is being held on February 20, at which the financial and economic position of Australia will be examined. The gloomy atmosphere on the Stock Exchange was replaced to-day by buoyancy which vas the most marked for many months. Prices of better class securities made an excellent recovery. The increases in share prices representing more than £3.000.000. Australian- Bank of Commerce rose 1/-, Commercial Bank of Sydney 15/-, E.S. and A. Bank and Bank of New South Wales, 22/6, British Tobacco 1/6. Another favourable development is the improvement *in the wool market, which it is believed, has turned the corner.