AUSTRALIAN DEBTS

Hokitika Guardian, 6 September 1930, Page 5

AUSTRALIAN DEBTS

LONDON FINANCIERS ANXIETY. [United Press Association—By Electric Telegraph—Copyright.] : j LONDON, September 5. ‘Thgrc is a distinctly uneasy feeling in the London market as the result ot the latest advices from Australia,” says the “Financial News.” “Dealers have not hesitated to mark down values from one to two pounds. The operators are disgruntled to hear so much unfavourable talk about, the financial position after replacing five millions sterling worth of hills.

PROPOSED SALARY REDUCTIONS. AND OTHER TAXATION. (Received this day at 8 a.m.) MELBOURNE, Sept. 5. At a momentous meeting of the Federal Cabinet to- devise methods of meetihg ’the jprobable nine millions deficit at the end of the financial year, it is understood Mr Lyons lActing Trensurer) submitted proposals for a reduction of ministerial parliamentary and public service salares ranging from fifteen per cent on higher salaries to ten per cent on lower, ' increased taxation on higher private incomes and also' tax on interest applicable to Commonwealth jonds. Cabinet are sitting late to-night and possibly the meeting will go over the week-end. Sir Robert Gibson (Chairman of die' Commonwealth Bank Directors) attended to-day at the urgent request ->f the Acting Prime Minister in orler to explain the serious, position of .lie finances and to convince Mr Fenton’s colleagues of the absolute need of I immediate, drastic action to stop the drift,.