AUSTRALIA’S FULL MOBILISATION

Timaru Herald, Volume CLI, Issue 22202, 20 February 1942, Page 5

AUSTRALIA’S FULL MOBILISATION

Financial Regulations Gazetted (Rec. 2.10 a.m.) SYDNEY, Feb. 19. Regulations implementing the Commonwealth Government’s plan for the complete mobilisation of Australian resources and manpower outlined by Mi- Curtin on Tuesday were gazetted to-day to become immediately operative. The plan gives the Government control over finance in such a way as to limit profits to an average rate of 4 per cent on the capital employed as defined by the Wartime Companies Tax Act. Profits in excess of this amount will be payable as taxation. The tax will, apply to all companies or other business the income from which, after payment of taxation, is In excess of £l5OO a year, Inclusive of reasonable remuneration to the proprietor. The gazetting of the regulations brings free trading on the Stock Exchanges to an abrupt end, but trading in Commonwealth bonds and semiGovernmental Issues will continue along the usual lines. This will necessitate some change in Stock Exchange routine which will be determined within a few days. The Treasurer (Mr J. B. Chlfley) said the regulations would permit the transfer ol shares, stock and debentures necessary to complete a transaction entered into prior to the announcement of the regulations. These would also peg wages and rents as at February 10, but prohibit dealings in land and property in any way whatsoever. Tire Government had no intention of Interfering in any way with bank deposits.