N.S.W. DEBT

Hokitika Guardian, 28 November 1930, Page 1

N.S.W. DEBT

A STAGGERING AMOUNT. (Australian Press Association) SYDNEY, November 27. In the New South Wales Legislative Assembly, the Premier and Treasurer, Mr Lang, sought a vote of £13,248,240 as supply for four months. He said: “We are faced with a most idmbarrafising position. We owe by way of overdraft and .immediately maturing advances and local Treasury bills £11,798,537. If the London Treasury bills due on December 31st and on March 2nd be added, our total obligations amount to the staggering sum of £15,342,789.

Mr Lang declared that the Government was determined to stop the drift if it were humanly possible to do so, irrespective of whom it offended. He estimated that the net deficit for 1930-31 would amount to £7,784,612. It seemed impossible, he said, to bridge this deficiency in the current financial year, but every effort would be made to do so.

FEDER A L GO V ERNA I ENT

EOONOMIO INQUIRY

CANBERRA, November 27,

In the Federal House of Representatives. Hon. Mr Fenton, Acting-Prime Minister, replying to a question concerning a suggestion for the inflation of the currency, said that the public would be made fully aware of the Government’s proposals next week following the Government’s conference with the Commonwealth Bank Board. The Government intends to appoint a Royal Commission to inquire into questions relating to the basic wage, embracing banking, finance, and national income: the productivity of Australia: the distribution of costs: trading and financial institutions; th‘> effect, of tariffs and bonuses; the effect of varying exchange rate on Australian monetary values: and also on other asnects determining price levels and the cost of living.