AUSTRALIA’S BUDGET.

Timaru Herald, Volume CXXXIV, Issue 18849, 11 April 1931, Page 13

AUSTRALIA’S BUDGET.

FACING STAGGERING DEFICIT. United Press Association—By Electrio Telegraph—Cop yrlght (Received April 10, 9.25 p.m.) SYDNEY, April 10. Mainly owing to interest payments, the Commonwealth deficit has been increased at least by £6,500,000 during March, and has reached a staggering total of almost £20.000,000 for the nihe months of the current financial year. The sales tax receipts for that period amounted to £2,451,000, compared with the estimate of £5,000,000 for the year. NO NEED TO WORRY. “AUSTRALIA WILL PULL THROUGH.” United Press Association—By Electrio Telegraph—Copyright LONDON, April 9. Sir James O’Grady, until recently Governor of Tasmania, interviewed at Southampton, after six years as Governor, said the world-wide financial depression had hit Australia hard, but there was no need to worry about the exchange. He had never lived among people who had such quick power of recuperation. They were beginning to get a grip of the problem and were taking off their coats, and rolling up their shirt sleeves. With the efforts they were making Australia will begin to emerge from her trouble about 1932. The idea of repudiation by the Commonwealth generally was absurd. He believed New South Wales will fall into line with the Commonwealth, and every half-penny owing would be paid in full. British investors had no need to fear. Australians as a whole had sane, level heads. With 20,000,000 inhabitants, which ought to be achieved within 20 years. Australia will become the greatest power financially and industrially in the Southern Seas.