AUSTRALIAN CRISIS.

Waikato Times, Volume 109, Issue 18349, 8 June 1931, Page 7

AUSTRALIAN CRISIS.

MR LANG’S PROPOSALS. DRASTIC CUTS IN SALARIES. A MAXIMUM OF £SOO. United Press Assn.—Elec. Tel. Colyrlght. SYDNEY, June 7. The Sun says a feature of Mr J. T. Lang's economy proposal which startled the Premiers’ Conference during the secret session when the plans were discussed for reducing Government expenditure by 20 per cent., was disclosed by the Treasurer, Mr E. G. Theodore. “The New South Wales Government,” said Mr Lang “proposes to conform with the resolution relating to reduction by reducing the salaries and payments of every person in the employ of the Government to a maximum of £SOO a year. That includes the Governor, the Judges, the Railway Commissioners, the AuditorGeneral, the Ministers, members of Parliament and those people holding statutory appointments." Mr Lang indicated that £1,000,000 would have to be saved on salaries. It w r as proposed to take practically the whole of this from the higher-paid officers, but should any further amount be required adjustments might be made lower down the scale. LATER. PROPOSED INTERNAL LOAN. £556,000,000 WANTED. PURELY VOLUNTARY BASIS. United Press Assn. —Elec. Tel. Copyright. (Received June 8, 10-0 a.m.) SYDNEY, June 8. When the Premiers’ Conference meets to-day is is expected a proposal will be discussed for the flotation of an internal conversion loan of £556,000,000 on a purely voluntary basis. It is considered that such a loan would have an excellent chance of success, says the Herald. AVERTINQ DEFAULT. THE ONLY POSSIBLE WAY. VICTORIAN CABINET’S DECISION. United Press Assn.—Elec. Tel. Copyright. (Received June 8, 11.30 a.m.) MELBOURNE, June 8. After five hours’ discussion, the Federal Cabinet concurred in the decisions made by Mr Scullin and Mr Theodore at the Premiers’ Conference and the Victorian delegates will go to resume the conference with a full agreement of the Cabinet on the steps considered necessary for financial rehabilitation. Every minister attended the meetings and the facts placed before them convinced them that the general scheme was the only one possible to save default. .