COMMONWEALTH FINANCES

Wanganui Chronicle, Volume 73, Issue 103, 3 May 1930, Page 9

COMMONWEALTH FINANCES

THE CENTRAL BANK BILL SECOND READING CARRIED CANBERRA, Alay 2. The House read a second Ifime the Central Reserve Bank Bill. In the course of his speech the Treasurer (Air E. G. Theodore) claimed that the measure was necessary for the stabilisation of Australian finance and would not lead to any revolutionary change in the Commonwealth Bank. Air Theodore stated that the total indebtedness of the Commonwealth and the States amounted to £1,104,028,062. The adjournment of both Houses will be moved to-day to protest against the announcement by the Federal Alinister of Works that in order to obtain preference returned soldiers must now be unionists.

ECONOMIES PROPOSED. WAGES REDUCED AND TAXED. SYDNEY', Alay 2. The main proposals submitted to the State Parliament by Cabinet are a tax of 3d in the £1 on all wages and incomes, without exemptions, to provide an unemployment fund of £3,0U0,00U annually; a reduction in the public servants’ salaries from 6 per cent, to 7i per cent., two weeks off annually without pay and Saturday morning work (equivalent in all to a 10 per cent, reduction), or, as an alternative, retrenchment in the service and an amendment of the Industrial Arbitration Act to empower the Industrial Commission to extend the working hours to 48 without additional pay, or to retain the 44-hour week with a reduction in salary equivalent to four hours. If the public service scheme is not accepted by Parliament, 3000 employees will be dismissed, with more to follow.

Although the officials of the Australian Railways Union rejected the proposal of Air Cleary (Chief Railway Commissioner) for rationing work, a ballot of the union members resulted in favour of the scheme by an overwhelming majority.