ALL-ROUND SACRIFICE.

Wairarapa Age, 12 June 1931, Page 5

ALL-ROUND SACRIFICE.

REHABILITATING AUSTRALIA. MB. SCULLIN’S APPEAL. -PREMIERS’ CONFERENCE, ENDS. United Press Association.—By jtiaecirjc Telegraph.—Copyright. MELBOURNE, June 11. The Premiers’ Conference, the most momentous in Australian history, ended after a sitting of thirteen days. It was decided to approach the banks to underwrite a temporary advance of £8,500,000 to be made available at the rate of £1,000,000 monthly to assist necessitous wheat farmers and relieve unemployment. The Prime Minister, Mr. Scullin, summarising the conclusions reached by the Premiers’ Conference, declared that as the whole plan of rehabilitation had been adopted, all-round sacrifices would have to be made. The saving of interest by the Conversion Loan should yield £6,500,000. The deficits of the seven Australian Governments in the present financial year would be £31,000,0*00. This would be reduced to £15,000,000 by various means, chiefly cuts in Government employees } salaries, war, old age, and other pensions, and adjusts meats of taxation. Mr. Scullin appeal-, ed to all section to reconcile themselves to the situation, pointing out that unless the drift was stopped the Governments early in July would be unable to meet their obligations. This would result in a breakdown of public utilities and business chaos, whereby no wages or pensions would be available to anybody. On the other hand, whatever reductions were made in private incomes would be largely counter-balanced by a fall in prices and the cost of living, the restoration of employment and the maintenance of sustenance relief.

CONVERSION LOAN. GENERAL CONDITIONS APPROVED (Received This Day, 0.2'5 a.m.) MELBOURNE, June -t. The general conditions of the Conversion Loan have been approved by the Loan Council. Holders will be invited to convert their holdings into new stock and upon conversion all existing securities will be subject to a general reduction of 22% per cent, in interest yield,. excepting holders of 3, 3| and 3 1-8 per cent., who acquired these before August, 1915. The new securities are to be restricted to three flat rates, interest at 4 per cent, 3 7-8 per cent, and 3 per cent., and to be spread over ten fixed maturity dates, subject to the Government having the right to redeem after December, 1950. Existing securities amounting to £450,'0 1 00,000 bearing interest at 5| per cent and over, are to be converted into 4 per cent, at a premium, as a general rule each holding to be spread, equally over ten maturity dates. Conditions are also laid down dealing with existing securities amounting to £45,000,000 and £61,000,000 respectively. Interest on the new securities will be exempt from the Commonwealth super tax of 7} per cent, but will be subject to other existing Commonwealth and State taxation. Provision is also made for the conversion of tax-free securities on a voluntary basis. LANG’S LIMIT. SALARIES NOT TO EXCEED £5OO A. YEAR!. (Received This Day, 1.7 a.m.) SYDNEY, June 11. Mr. Lang’s Cabinet approved the proposal to limit public servants’ salaries to £5OO per year.