MORE INDEBTEDNESS

Wanganui Chronicle, Volume 74, Issue 190, 13 August 1931, Page 7

MORE INDEBTEDNESS

LOAN COUNCIL AGREES AUSTRALIAN STATES’ WANTS COMMONWEALTH BANK CASH 'By Telegraph—Piess A^ociation—Copyright.J Received Aug. 12, 7.45 p.m. MELBOURNE, Aug. 12. The Loan Council has approved of thi whole of the financial requirements foj August of the various States, including £2,000,000 for New South Wales, and is asking the Commonwealth Bank to make the necessary money available. CONVERSION SCHEME FAVOURED BY BANKERS Received Aug. 12, 9.50 p.m. LONDON, Aug. 12. The Daily Herald says that the bankers favour the Australian scheme of conversion, arguing that while normal conversion has no chance at present, an appeal might be made on the ground of a national emergency, which would carry wciV't if largo holders s- ch as the banks agree to the proposal. Conversion is estimated to save between £20,000,000 and £30,000,000 per year. REVENUE FROM TOBACCO SIX MILLIONS LAST YEAR! Received Aug. 12. 8.40 p.m. SYDNEY, Aug. 12. Tobacco smokers in Australia last year contributed more than £6.000,000 to the Commonwealth revenue, so an authority hero stated. Few smokers realised that when they bought a twoounce packet of Virginia leaf tobacco they contributed Hid to the revenue, while, more than 3d was the revenue contribution from sixpenny packets of ciga rettes. APPEAL TO BONDHOLDERS MELBOURNE, Aug. 12. Air J. H. Scullin, in a broadcast appeal to bondholders to convert, said: “This is Australia’s hour. The time and opportunity have arrived for the people of the Commonwealth to show their faith in their country by responding to the nation wide appeal by the Governments for the conversion of Australia’s huge internal indebtedness into stock carrying lower rates of interest.” Already’ £150,000.000 of the £566,000,000 have boon converted. UNEMPLOYED PROBLEM EXHAUSTIVE ENQUIRIES MELBOURNE, Aug. 12. The Premiers’ Conference has open cd. It has appointed a secretariat tc make an exhaustive investigation and to furnish reports as to the best means of reviving industry and placing mcr and women in employment. SINISTER PLANS LABOUR PARTY PLATFORM SYDNEY. Aug. 12. The Sydney Morning Herald says: ”Sinister plans to chang* the platform of the Australian Labour Party to make it a straight-out revolutionary organisation have been formulated by members of the socialisation conim’ftee of the party. A meeting of dc’cgates from the socialisation units adopted the report that the objective of the Labour Party should not be achieved by Parliamentary methods as provided in the present constitution, but by revolutionary methods. “The adoption of the report, represents a sweeping victory for the Reds, who are in complete control of the meeting. ’ ’