AUSTRALIAN FINANCE

Hokitika Guardian, 11 September 1930, Page 5

AUSTRALIAN FINANCE

'■ , . - RECENT EXPENDITURE. •i i ' ■ • EXCEEDS REVENUE. (Australian Press Association.) SYDNEY, September 10. The first of the financial reports o( the Federal Government, •as agreed upon at the recent Premiers’ Conference, WQst issued to-day. It discloseu that for the two months ended, August 31st last, there was an excess of expenditure ever , revenue df £2,259,000; «, but as many Qf the items of,,revenue are seasonable, notably the land and income tax, and are necessarily small, they do not give an actual idea of what the returns will be at the end of the year. .

HUGHES’S SPEECH. DENOUNCED BY “THE TIMES.” . ’ (Timea Service). LONDON, September 10. “The Times," hr an editorial, 'hotly attacks •'Rt.’dkon. AVi Mf Hughes’s speech, made oil September Sthfiir'tlia form of a reply to Sit* Otto Niemeyer’s report as to. Australia’s finnnces. In that speech Mr ffughes'-said ■ that while agreeing tjhe 1 Budget jm.ustf be. ‘ balanced-, ithis should apply all round.’ He expressed the opinion that Sir O. Niemeyer’s talk - - about -y. Australia's debt was only a smoke-screen designed to induce a rtfdifcal' change in l national policy, and to stampede tlih people into a compound in which the interest represented by Sir 'Otto, desired to intern them. The acceptance df the policy suggested; bv Sir’ 0. Niemeyer would only result in stagnation and despair. , . “The Times” says that tins speech of, Mr Hughes “blight be taken more seriously if .Mr Hughes were not an an extinct volcano.” The paper describes the speech as “sponsoring the most pernicious features of Australian .life.” ' f ' The editorial proceeds, ’ty regret.-that the Federal • Government . has momentarily adopted what seems to -he a hesitating attitude in the reduction of the standard of Hying. . J^n y, postpone?, ment of % i says, cannot fail to exercise anunfavourable influence; 'Australian credit. FURTHER COMMENT/ ! i (Received this dar at 9. a.m.) SYDNEY, Sept. 11. His remarks are utterly unworthy of, a man who hag been Prime Minister of the Commonwealth and like-. Jy to have a serious effect upon Australia’a credit in London,, commented Premier Bavin upon the statement of Mr W. M. Hughes. Mr Bavin emphasised there was no truth in Hughes’ suggestion that Sir Otto Niemeyer made on attempt to dictate financial ■ policy. On the. contrary he came here by invitation ; tp -. tbridcir pxpert ;;ttßvice as, an ■' impairtia'l '" outsiderr ’Urifortuhately, much more significance, will be attached to Mr Hughes’ remarks in England . than they deserve. .Most people are not. aware that lie is a spent force ,in the Commonwealth. VARIOUS STATE' RETURNS. , /Received this day at 8.30. a.m.) SYDNEY, September 10. The financial report of the New South Wales Government for the first two months of the’ financial year shows a 1 decrease in revenue of £1,196,185, compared witli the similar period last year. Railways and Tramways were responsible for a large .proportion of this amount. The decrease in expenditure was £560,196. Treasurer SteveiiS, f etated that, notwithstanding the decline in revenue which ha4;Jbjoep, expected, the position,, was well in hand and provided they continue to exercise'some degree of economy, as already practised, there, was no reason why the ledger should not be balanced by the end” of the year. - ; '■ . BRISBANE,; September 10. : The revenue for the first two months of the financial year was £1,920,456;' the deficit being £218,606. ADELAIDE, September 10. The revenue and expenditure return for two months shows a deficit of £646,350. PERTH, September 10. The Western -Australian shortage for two months totalled £565,896. The Tasmanian deficit at the end of August was £29,882. The total debit balance now £259,470, including a debit of £229,588 on June 30th.