PREMIERS AGREE.

Star (Christchurch), Volume XLIV, Issue 494, 1 July 1932, Page 1

PREMIERS AGREE.

Conference Will Adhere to Plan. DEFICITS TO BE REDUCED. J United Press Assn.—By Electric Telegraph—Copyright. 1 (Received July 1, 9.55 a.m.) CANBERRA, July 1. The Premiers’ Conference reached. { unanimity in affirming its adherence to the principles of the Premiers’ Plan of 1931, undertaking to meet interest obligations and continue progressively to reduce deficits and conduct public policy with a view’ to reviving indus- | try and the restoration of employment, j The Prime Minister, Mr Lyons, in a congratulatory speech, warned the conference that if the Premiers’ Plan broke down, credit overseas w’ould be seriously affected. When the Premiers’ Conference rose late last night after a protracted sitting, during which the estimated Budget deficits for the next financial year were discussed and examined with a view to making substantial reductions, Mr JA. Lyons stated that a tentative figure had been arrived at, but could not be disclosed as it was intended to hold a conference -with the Commonwealth Bank and the trading banks in Sydney on Monday or Tuesday. State Deficits. A message from Adelaide states that the deficit for the year is £1,074,000. compared with the estimated deficit of £1,489.000. A Melbourne message says that a revenue statement disclosed that receipts from all sources were £1,891.653 less than the revenue for 1930-31, which , totalled £25,151,198. Actual receipt* . are £1,270,455 less than the estimate. Treasury Bills Renewed. It is officially announced that of the b £4,500,000 worth of treasury bills ir.atur- > ing with the Westminster Bank in Lonf don to-day £4,250,000 worth have been 2 renewed for three months at 4i per 2 cent, the existing rate of interest.