HEAVY DEFICITS IN AUSTRALIA.

Timaru Herald, Volume CXXV, Issue 18613, 8 July 1930, Page 9

HEAVY DEFICITS IN AUSTRALIA.

New South Wales Budget. SHORTAGE OF TWO MILLIONS. United Press Association—By Electric Telegraph—Copyright SYDNEY, This Day. The financial statement of the Treasurer (Mr B. S. Stevens), for the year, discloses that the deficit in the Consolidated Revenue Account, together with that of railways and tramways, amount approximately to £4,394,000. The deficits are: Consolidated revenue £1,394,000; railways, £2,700,000; tramways, £300,000. Almost every item in the public revenue has fallen sharply. FACING TIIE POSITION. ECONOMIES BEFORE HEAVIER TAXATION. United Press Association—By Electric Telegraph—Copyright (Received July 7, 7.30 p.m.) SYDNEY, July 7. The State Treasurer (Mr Stevens) says that despite the huge deficit no addition to income tax is contemplated. The position would be adjusted by various economies. VISIT OF LONDON EXPERT. WILL CONSULT FEDERAL PRIME MINISTER. United Press Association—By Electric Telegraph—Copyright (Received July 7, 11.10 p.m.) SYDNEY, July 7. Sir Otto Niemeyer, representative of the Bank of England who arrives la Australia on July 21, to investigate the financial and economic position of the Commonwealth, will in the absence of Mr Theodore, conduct all negotiations with the Prime Minister. It is expected that the conversations will occupy about three weeks.