AUSTRALIAN NEWS

Hokitika Guardian, 20 November 1930, Page 6

AUSTRALIAN NEWS

COUNTRY STOREKEEPKRS. FARMER’S DEBTS. (Australian Press Association.) SYDNEY, Nov. 19. A deputation representing three hundred storekeepers informed the Minister of Agriculture that dun debts against farmers on the books of country storekeepers amounted to six million sterling. The amount was arrived at by calculating the exact total owing to eighty-nine and striking an average for the remainder. On© speaker said the storekeepers carried the farmers debts until they themselves w*ere in a parlous position and were unalblo to continue the farmers credit. Another said rust and low prices created a crisis of appalling magnitude. He was appalled by the position for storekeepers could not expect even half the amount due to them. A third said if assistance was not given, the farmers would soon be rff the land and the storekeeper with him. NOTE INFLATION. SYDNEY, Nov. 19. A disastrous effect of note inflation on thrift represented by life insurance companies was stressed by the directors of. the Australian Rroyiucial Assurance Associations - m the.-annual report, which states if the Fedeial Labour caucus attains its objective of note inflation it is almost impossible to visualise the position of Life Insurance Companies, who hold the greater percentage of their funds in Commonwealth stock. CONFERENCE CONCLUDES. MELBOURNE, Nov. 19.

At the conclusion of the Bankers Conference, Sir Robert Gibson said the Conference was unanimous that the best way for the people of Australia to vindicate the honour of the nation was to make the twenty-eight million loan a huge success. Failure to achieve successfully the conversion of the loan would necessarily bring about national default, and would inevitably play into the hands of those whose desire is to bring about the destruction of tVfe whole fluiMicyil fabric of ibis -cp.uijtry. So the •banks are concerned they will- 410 HI that can he done compatible! ’with sound finance.' arid.igeneral interest.. i ' ! f. V SHIVLE oil. 1 SYfiNfeiYy Novem, !)(T l 20': :■ The Federal 7 Ufinistry is''seeking the. co-operation of the State Government towards,4lw tJ .d^ogniemt w^J?4 &hale oil industry, which if it fulfils its anticipations. will provide work for at 011 c hundred thousand persons. MEAT STRIKE. . ;.»;j ' - SYDNEY, November 20. . It was reported that another effort to end _tlie ; ..mii<iii.f,.strike by Judge Piddington. ‘ .'Received fh.W dnv at 9 40 a.m.) CANBERRA, Nov. 20. Asserting itljlatj the present catallvsmal fall of '.pf&fa in Australia is reacting disastrously on business, the Copimonwealifv; Statistician, AYickens spokfi in favoriiTof restricted inflating. An.v propqsitfyd cut down interest rates! wouldj/l&Sisjt likely he called repudiation. but what we want is a, regulation so that prices remain reasonably in accord with the conditions which existed when the contract with bond holders was made. Mr AA'icken.s suggested a certain measure which he called inflation, the extent of which could be regulated bv the Commonwealth and other Banks.

Victorian tax increases

MELBOURNE, Nov. 20

Increases in /the stamp duty on wages, and unemployment relief tax are provided, for in a bill introduced in the Assembly ten wages from -£2 to £6 (sterling. ; The duty rises from a penny to fourpeuce in the pound. The relief tax starts on taxable incomes of £52 sterling, at the rate of ten shillings in the hundred pounds rising to £4 10s on taxable incomes over £3OOO.