AUSTRALIAN FINANCES

Wanganui Chronicle, Volume 74, Issue 139, 15 June 1931, Page 7

AUSTRALIAN FINANCES

ECONOMY PROPOSALS MR HOLLOWAY RESIGNS STRONG OPPOSITION TO PLAN [By Telegraph—Press Association—Copyright] Received June 14, 5.5 p.m. MELBOURNE, June 14. The Victorian Government has submitted proposals to Parliament for the raising of an additional £1,796,000 by increasing taxation on incomes, and increased stamp duties on wages and Air E. J. Holloway, assistant Minister of Industry in the Federal Ministry, has resigned, being strongly op posed to the Premiers’ Conference cco nomy plan. He has written a letter to the Prime Alinistcr saying that he had no sympathy with the reduction of pensions. He believes that tho only way to revive the Australian position is “by the issue of fresh credit through our national bank.” Air Holloway defeated Mr Bruce, the former Primo Alinistcr, at the last election in Flinders, but has indicated that he intends to contest tho Alelbourne Ports electorate, which, is an industrial constituency, at the next election. AUSTRALIAN STOCKS A FURTHTER HARDENING Received Juno 14, 5.5 p.m. SYDNEY, Juno 13. Australian stocks have hardened further, notably Victorian 5 per cent, whero dealings aro recorded at £65. New South Wales 34 per cents brought £45.