AUSTRALIAN NEWS

Hokitika Guardian, 11 February 1931, Page 5

AUSTRALIAN NEWS

FI NANCI AL CONFERENCE, BUS 1 NESS PR OCEEDING. (Australian Press Association.) CANBERRA, February 11. Pending the result of the Conference between Mr Theodore and the Commonwealth Bank Board, the Financial Conference is proceeding with other business. The Conference discussed the proposal for the abolition of Agents General and the substitution of officers representative in each State under the High Commisisoner at Australia House. I’he motion was agreed to unanimously that the Commonwealth pay to States for roads a sum equal to two pence half penny per gallon on all petrol cleared through customs for home consumption.

COM MON WEA LTfl EXPENDITURE. CANBERRA, February 11. Commonwealth expenditure in the first seven months of the current year amounted to £45,179.000 sterling being £11,487,000 more than the revenue, STATE EXPENDITURE. SYDNEY, February 11. States expenditure for the seven months of the financial year exceeded the revenue by £6,073,055. Revenue totalled £23,410,733, and expenditure £29.484,388. REDUCING MORTGAGE INTEREST. (Received 10.0 a.m.) MELBOURNE, February 10. The Victorian Government Savings Bank decided to reduce the rate of interest on advances to fanners and others to six per cent. This applies to loans aggregating thirteen millions sterling already granted, the interest whereon was originally seven to 73 per cent.

STRANDED WHEAT SHIPS. FREMANTLE, February 10. Tlie position of tlie stranded Japanese freighter Cliofukiimaru off Point Coates is regarded as hopeless. Ilm holds and engine rooms are flooded and waves are breaking over tlie vessel. The crew have been .transferred to the other stranded boat. Sbnnseimaru, which is still fast forward. She lias steam up, and is si ill under control, an'd possibly he towed off the reef. Three other Japanese wheat, shins are concentrating at the scene, and will decide the best course to adopt. Both the stranded steamers have cargoes of wheat lifted at Adelaide and bound for Japan. ANOTHER REVERE QUAKE. SYDNEY, February 10. The RR-crview Observatory at Sydney recorded another severe enrthoualce about three thousand six hundred miles north west of Sydney tins evening hr.' ween 5 and 8 o’clock in tlie region of the Phillipines or Borneo.