FEDERAL FINANCE

Hokitika Guardian, 4 July 1931, Page 5

FEDERAL FINANCE

GOVERNMENT EILLS. (Australian Press Association.) CANBERRA, July 3. The Federal Debt Conversion Bill was -to-day passed through rill stages in the .Federal House. The bondholders who do not desire to convert at the • specified lower rate of interest must, within 21 days give notice to that effect.

The Prime Minister, Mr Seullin, announced that the Government had agreed to a suggestion made by the limbless Soldiers' Association, whereby no cuts shall be made in the pensions of the disaol- d soldiers, of there of the war widows, or the orphan children depend: nt.s of dead soldiers. Instead, said (Mr Seullin, the cuts are to be more drastic than was intend d in the pensions of oilier parents, children, wives, brothers and sisters, and those who are not wholly dependent, on the war pensions. Thus, he said, what was lost on the one hand would be made up on the other. In moving the second reading of the Financial Emergency Bill, the Treasurer, 'Hon. E. U. Theodore, said that all of the bounties paid by the Government would be reduced by twenty per cent, The gold bounty would be reduced by fifty per cent. The Ministerial salaries, Mr Theodore stated, are to be reduced by 22.) per cent.

The salaries below £IOOO would be reduced by twenty per cent. The average reduction on Hie salaries and the wages of the Commonwealth Government " employees, the Treasurer stated, would be 20 per cent., but none of the wages or salaries will bo reduced below the basic wage. There would also -be some slight reductions* in the old age pensions and the other pensions; also in the maternity bonus. He said it was expected to save nearly six millions sterling. The debate was adjourned.