SHORTAGE OF MONEY.

Dominion, Volume 6, Issue 1590, 6 November 1912, Page 7

SHORTAGE OF MONEY.

STRINGENCY IN N.S.W. " Bj TelezraDh-Press Aasoclatlon-Oopyrleht . Sydney, November 5. , Owing to tho shortage of money,. the /■;• .Railway, .Commissioner , has been instructed to "rearrange his, Estimates, reducing' them by over/ii.000,000. ,'lt;is, desired-not to interfere with railway works proper, but many proposed improvements and additiffns will be shelved. ■ FIVE HUNDRED DISMISSALS. (R«c. November 5, 8.50 p.m.) Sydney, November 5. The Government's predicament over the • flhortago of; money has produced a further wholesale "sacking." :Fivo hundicd employees of tho Water Board have been dismissed.' Tho Board, which has ex-, pended. JESO.OOO during ' the past four months/.has,been'.' : informed; that, .only '£75,000 .will ■be available, for: the' remain-; jig eight months. of the year. Possibly : . another five. hundred , dismissals, "will be necessary.; The Board's employees at prei sent total two, thousand. / './.'-.! ' : it-«EEVOLUTION" THREATENED. - (Rec. November 6, 0.40 a.mO , •: ~ r ■ Sydney, November 5. The eeorotary of the Water Board Employees' Union declares ( that if a thousand men aro, dismissed 'it.-will- cause a.revo-, lution. Mr. M'Goiren, in,the Assembly, in replying to a question, said-ho was unaware that men had been dismissed owing. to a: • (strain !on the finances. • . ... ■QUEENSLAND LOAN. ■ London, November 4. The ' underwriting'.- 'of ./; a -.'. two:: million / "• Queensland 4' per! cent./ 10an..-issue -, at t£99 is proceeding. . •■, ./- // / A SHORTAGE EXPECTED. • Writing of the result of the .New, South; - Wales -loan' negotiations, ' .the -financial ; edition of -the Sydney" "Telegraph".' said ... recently:—''So- the Treasurer has to be content with 000, instead <(f -^3,000,^000. If ho could waited till/January he wojild "in nil probability have Et his .23,000,000 easily. But the trouble -that ho could-not. wait.That would vo meant that. lie. would, have .had' to remit to London to pay January interest,- which, ./would have , .nsed ui> hU Sydney: cash balance, and unless all loan payments, were ;to :be. stopped, he must vKave enough here to cover ■commitments; ■ and \with all the renewals: arranged . for lie Will 'still have , something-tp meet in the ,way, of .rep'ay- : went 9.' , Thus 'the' .£1,500,000 will not go far. At the close of last, -month the loan' accounts we're overdrawn. apparently , . to the amount of G00,414, but in reality to a much larger'figure, owing to the ad- ■ varices from :reventie .having to' be. adjust-; i ed before the tend of December, and even '-•'• , .iritE'/-the;Vw' : >«on^r' ! ,tl\e'loai>'' accounts 'will still Ijooa.-long way in arrear. .. Of course,/..the- Treasurer can, count" upon Borne assistahco.-.locaUy,. especially • from the Savings-Banks./'.But, we. are; inclined . , .to; doubt'vthe.'stateineht' .present,| , /loan will ,cqver ; his .London-,requirements,, : np to June next, especially >a3 ho has , i2,000,000.•,fa11ing./due/there ion May -1G aext.-r We must, therefore, j ,have''"an-, Bther- London. loan .prior to .that date."