FEDERAL FINANCE

Hokitika Guardian, 3 August 1931, Page 5

FEDERAL FINANCE

A BIG SAVING. (Australian Press Association.) CANBERRA, August 2. On Friday, £21,720,000 worth of ■ Treasury Bills, that were issued to cover temporary Government finance, matured. Mr Scullin, Prime Minister, announced that the Government Bank nnd the Trading Banks have renewed their bills at four per cent, instead six per cent, interest. The interest payment is thus reduced by £424,000 a. per annum. N.S.W. FINANCES. LANG’S DETERMINATION. BYDNEY, August 1. Mr Lang declared, that the State Government was determined that the Savings Bank should be re-opened as •soon as arrangements for reconstruction can be made. After the second reading speech •of the vice-president, Mr Concannon, in the Council, the Salaries Reduction Bill was adjourned until Tuesday. Mr Concannon stated that the lower paid civil servants would suffer a salary reduction if the Bill does not effect the anticipated saving {h Government expenditure. SOUTH AUSTRALIAN LOAN. ADELAIDE, August I. i Premier Hill is informed that £l,--800,000 worth of South Australian . Treasury Bills, due yesterday, have been renewed for a further three months by the banks at four per cent. For the previous year, the hanks charged six per cent. N.S.AV. INTEREST. CANBERRA, August 2. The Federal Government has arranged to meet interest payments totalling £632,000 due in London and New York by the New South Wales Government at the end of July. Mr Scullin found that the Commonwealth Bank was unprepared to make the necessary advance to New South Wales so he agreed to meet the liability, hut the State is asked to rev] ' fund the amount as soon as funds are available. N.S.AV..STATE BANKSYDNEY, August 2. It ds understood that the Premier, 1 Mr Lang, is preparing a bill for the re-opening of the N.S.AV. State Savings Bank, under trustees. Political control is to be eliminated. Financial backing will he required, and this probably will be discussed, at the Loan Council’s meeting in the coming meek.