AUSTRALIAN PROBLEMS

Wanganui Chronicle, Volume 73, Issue 425, 17 November 1930, Page 7

AUSTRALIAN PROBLEMS

INCOMES AND PROPERTY. TAXATIONS EXEMPTIONS. CANBERRA, Nvo. 15. Mr Lyons has announced that the Government has decided to exclude from taxation persons whose total income from property, exclusively or partly from property, and partly’from personal exertion, did not exceed £2OO. The previous exemption was £lOO.

BANKERS TO CONFER. AN IMPORTANT MEETING. MELBOURNE, Nov. 15. The conference of bankers meets on Monday here to review the financial situation, arrange for the maintenance of Australian credit, and ensure the success of the conversion loan, for which many inquiries are already reported.

FARMERS’ DEBTS BILL. A PROTEST FROM PERTH. PERTH, Nov. 17. Storekeepers throughout the agricultural districts are protesting against the Farmers’ Debts Adjustment Bill, which they considered detrimental to their interests. The Grocers’ Association estimates that the farmers owe nearly £1,000,006 to country storekeepers.

TOTAL UNEMPLOYED. CANBERRA, Nov. 15. It is estimated that the number of unemployed people in Australia to September 30, was 180,000 compared with 85,000 at the end of 1928. The number of trade unionists idle was 90,379, compared with 42,267 at the end of 1928.

THE SLUMP IN SYDNEY REAL ESTATE AGENTS HIT SYDNEY, Nov. 15. The directors of the city real estate agents, Arthur Rickard Company, Limited, decided to recommend the shareholders to place the firm in liquidation.

The firm and subsidiary concerns have nearly £500,000 outstanding in balances on land sold. The depression has severely hit many purena'sers who have been given extended credit and the firm has found di\ T icuity in financing the operations. The creditors are all secured and the assets are estimated to exceed the liabilities bv over £600,000.

LITTLE PROGRESS MADE COMMENT IN LONDON Received Nov. 16, 7.15 p.m. LONDON, Nov. 15. Commenting on Sir Otto Niemeyer’s departure, the Financial News regrets that his frank and convincing exposure of Australia’s economic maladies, thus far, have proved disappointingly ineffective. Little progress towards positive reconstruction has been made and there can be no glossing over the fact that the Commonwealth Government has failed to live up to its fixed determination of less than three months ago.