HELP FOR IDLE WORKERS.

Timaru Herald, Volume CXXV, Issue 18636, 4 August 1930, Page 9

HELP FOR IDLE WORKERS.

New South Wales Scheme. YIELDING AMPLE FUNDS. United Press Association—By Electric Telegraph—Copyright (Received August 3, 5.5 p.m.) SYDNEY, August 3. The New South Wales unemployment tax of 3d in the £ on wages and salaries produced during July the sum of £107,000. By the end of the year it will total £1,000,000, and with other forms of income to be taxed, will bring the aggregate to the anticipated £3,000,000. PENALISING INDUSTRY. TAXATION IN AUSTRALIA. BUDGET REACTION IN LONDON. MELBOURNE, July 16. The presentation of the Federal Budget has caused a stir throughout the whole community, as it is conceded on all sides that the new load of taxation will undoubtedly penalise industry. Nation-wide protests have been made on this new load, but in this article it is perhaps sufficient to state that the Budget proposals certainly had a very detrimental effect on Stock Exchange industrial securities. Tile Australian view is strikingly divergent from that of London financiers. The difference is, of course, natural, as London is interested mainly in the credit question, and either overlooks or under-rates the actual urgency of Australia’s domestic problems. The viewpoint adopted by London, however, will probably stand Mr Scullin in good stead when dealing with the indictment of his financial policy. The recent rise in quotations overseas for Australian securities will also be a good talking point for the Labour Ministry, as the Ministry will consider such an advance in quotations as presumptive evidence that their policy is approved overseas. Quotations for Commonwealth loans show little, if any, signs of firming, except perhaps in the medium dated 6 •per cent, issues, with the result that the average return, excluding the 6 per cent. 1930 and 5 per cent. 1948 issues, now figures at £6 4s 6d per cent., as against £6 3s 9d per cent, last week. This continued easing, especially in the shorter dated issues, contrasts with the continued flow of applications to the new Commonwealth loan. World prices of our exportable commodities still show little signs of improvement, and, although the bulk of last year's wool clip has been sold, it is noteworthy that the balance in store on June 30 approximated 108,000 bales, as against 44,000 bales on the corresponding date of 1929. The average price realised for all centres for greasy Wool during June was 9.55 d per lb., and the average value per bale £l2 8s 6d. These prices are generally below cost of production. That industrial enterprise has been lacking in recent months is amply demonstrated when it is stated that capital in existing Victorian trading companies during the past six months has been increased by only £954,000, as against £6,877,000 in the corresponding period last year. ECONOMY AXE IN QUEENSLAND. CUT IN PUBLIC SERVICE SALARIES. United Press Association—By Electrlo Telegraph— Copyright BRISBANE, August 2. An immediately reduction of 6 per cent, in Public Service salaries, affecting about 11,00 employees, and a saving to the Government of £375,000 yearly was made by Mr Justice Webb in the Industrial Court. He refused to reduce railwaymen’s wages.