FEDERAL FINANCE

Hokitika Guardian, 9 July 1931, Page 6

FEDERAL FINANCE

SALES TAX RECEIPTS.

(Australian Press Association.)

CANBERRA, July 8. The’ receipts from the Sales Tax for the past twelve months fell short of the estimate by £1,527,146. The actual collections were £3,472, 845.

THE LOAN CONVERSION. CANBERRA, July 8. The Federal Government is hopeful that the success of the Conversion Loan in Australian will facilitate the funding of the floating debt in London. If so, the Commonwealth Bank funds In London could be released to meet the recurring expenditure there in the shape of interest payments. The Federal Treasurer, Mr Theodore will probably introduce his budget on Friday.

N.S.W. SAVINGS BANK

reopening terms. SYDNEY, July 8. The “Daily Telegraph” says: “The reason for Mr Lang’s sudden want of interest is the re-opening of the New South Wales Government Saving Bank is unofficially revealed. It is stated that the terms upon which the Commonwealth will re-open the bank were submitted to Mr Lang, with the following conditions for. his acceptance:— (1) That he rejoin the Federal Loan Couhcil; (2) That the money owed to the Commonweialth by the State of New South Wales be repaid; (3) That the money held on short call by the Government from the saving bank be repaid. In addition to these, it is believed that the Commonwealth has imposed drastic conditions that- operate subsequently as to payment of depositors. Mr Lang’s proposition was that the Commonwealth should give him the money to reopen the bank, now the Sav ing Bank. The Commissioner in Melbourne is carrying on the negotiations. Meantime, the depositors are patiently waiting for their own money.”