N.S.W. FINANCE

Hokitika Guardian, 20 November 1930, Page 3

N.S.W. FINANCE

ithrm" :. _. y.Hrmi.-^' ./ ='•’ ■ " \ (Australian Press Association.) , ■:qoi: . nviii - - (Received this day at (i a.m.) SYDNEY, November 20. The annual report of the New South Wales Auditor-General for the year ended June 30th discloses a deficiency for. the year of £1,379,263 on the consolidated revenue account. A heavy overdraft on the general loan account totals £14,066,460 vsterling. The cash position shows a. nett debit balance on .all accounts including London transactions to April. 30th of £2(0,006,199 sterling, (iompared with a : credit balance- of £3,068,978 ■at June 30th .1029.:. - • i

Loan expenditure-has decreased from approximately, seventeen .millions in 1928-29 to ten millions. •£• •• The public-debt increased, by £B,931,000 sterling and now stands -at £276,209 311 sterling. The Auditor General while warning the people to- prepare further shrinkage in the State revenue seek no reason for panic measures oti the part of the Government. Heavy losses on the railways are chiefly responsible- for the State deficit. - Cabinet to-day decided to- bring forward legislation providing for a. moratorium. for genuine homebuyers. who will be protected against foreclr,.-,ure, ami whose interest pavmmits will be regulated. Also to establish a State lottery for charities.