AUSTRALIAN FINANCE

Hokitika Guardian, 8 September 1930, Page 5

AUSTRALIAN FINANCE

FINANCIAL PROTESTS. (Australian Press Association.) (Received this day at 12.25. p.m.' MELBOURNE, Sept. 8. It is believed that the Government in collaboration with the bankers and leaders in industry, will take early steps to restore the pound sterling to something like its real value, this giving a gnoater purchasing power to the reduced earning capacity of the wage earner. It is stated by prominent Federal Ministers that any reduction of public service salaries must be reflected throughout the community. Government will not start relief works of any kind. Instead, industry will ''be assisted to absorb the unemployed by giving employers facilities and. possibly financial help to do so. It is unlikely utiiafc Parliament will meet until the first week in November. NEWo YORK OPINION.' ON AUSTRALIAN CRISIS. NEW YORK, Sept! 8. The “World” in a leader “Austral* iu’s Problems,’’ states since Austral* iu has been a rather heavy borrower in this country since the world war. the effect of the depression on the Government’s budget is a matter of immediate interest. Many American investors, especially since there have been some political agitation in Australia for a refunding of the debts at a lower interest'. The leader then comments on the .failure of a high tariff as a remedy for the situation and concludes, “Australia’s experience shows that a tariff like any oilier tax, is more ]ik©'.y to aggravate than to cure trade depression. She needs more trade and the tariff gives her less.”