MUST HAVE MONEY

Gisborne Times, Volume LXX, Issue 11126, 8 February 1930, Page 5

MUST HAVE MONEY

ONE THOUSAND MEN DISMISSED. onit»*i credo naan, oy El. Tel. Uopyrißbl (Received Feb. S, L-10 a.in.) SIDNEY, Feb. 7. The State Treasurer announced today that if the Government is unable to obtain the loan money immediately at least one lliousanu men on railway construction and on envelopment works in the city and country will have to be dismissed at the end of next week. POSITION AS TO GOLD RESERVE IMPORTS MUST BE KEPT DOWN. doited Pico* 4ssa. by El. Tel. CupJ ri tTM< (Received Feb. 3, 12.5 p.mj SIDNEY., rob. i. Sir Robert Gibson, chairman ot tho Commonwealth Bank, ha s announced that the bunk is shipping £ i ,000,000 m gold to Loudon immediately uir the purpose ot buHumg up reserves to meet overseas tioiis. liiis amount, together with L 10.060,UUU ot -gold slapped overseas since last July, totals LH,000,000. Ho pointed out that these shipments have m no way impaired the gold reserves held against the note issue, which, to-day, stood at forty-throe per cent. The bank board was caretully watching the position and, if the national needs deniamieu further shipments., .gold could bo provided, still leaving the gold reserve against note issue unimpaired. The whole movement was directed to meeting accrued or accruing obligations. Sir R- Gibson emphasised" that Australia was sound and would overcome «her present difficulties. Australia’s abnormal prosperity had led to extravagance, hut those responsible for the country's stability were co-operating in this direction and he had every confidence that the position would right itself. The great disparity on the Loudon stock market between Australian securities and those of other Dominions was not justified, and those who had the courage to purchase Australian securities at the market values of to-day would, probable, have reason to congratulate themselves later. Meantime it was necessary that imports should be kept down to a minimum until the position was completely adjust al.