SAVE £10,000,000.

Star (Christchurch), Volume XLIV, Issue 492, 29 June 1932, Page 1

SAVE £10,000,000.

Mr Lyons Makes Appeal at Premiers’ Meeting. NO MONEY FOR RELIEF WORK. United Press Assn.—By Electric Telegraph—Copyright. CANBERRA, June 28. Opening the Premiers’ Conference, the Prime Minister, Mr Lyons, estimated the deficits of Australian Governments for this 3'ear at £16,390,000. The estimate for 1932-1933 Avas £20,000,000. Mr Lyons said that the task of the conference was to deA'ise A\*ays and means of reducing this deficit to £6,000,000, Avhich the Commonwealth Bank regarded as the limit it could finance for next year AA’ithout endangering the stability of banking in Australia. The Prime Minister emphasised that the Commonwealth had not contemplated further taxation, but felt that it AA’ould have to undertake a great deal of unpleasant work in order to keep faith with its obligations. He impressed on the States that they must steel V.emselves to make fresh efforts to bring the day of balanced budgets nearer. Also, an earnest attempt must be made to reduce the present shortterm indebtedness of £45,000,000 in Australia and nearly £40,000,000 abroad. He declared that the Commomvealth Bank Avas quite unable to afford further finance for the relief of unemployed.