IN AUSTRALIA

Hokitika Guardian, 4 September 1931, Page 5

IN AUSTRALIA

. . - FEDERAL ECONOMY. (Australian Press .Association.) SYDNEY, (September 3, The “Sydney (Morning Herald” says: The Melbourne Premiers’ Conference con- , s'idered the financial, position of the Federal and State Governments, with respect to the economy plan, in an at- * mosphere of uncertainty and pessimism. (It was realised that the aggregate of Government deficits for this financial \ year Will 'be so much in excess of 'the fifteen millions which the banks agreed to meet, that the economy -plan, on its present basis, will be a failure. It is understood that the aggregate additional deficits for the financial year are ap- ''■ proximately three millions sterling. From the general trend ot the discussion, it seemed that the Premiers felt the banks would have real difficulty in finding additional credit, and that resort would •have to be made to a further effort to restrict expenditure, and to increase revenue. The great difficulty of imposing further taxation is recognised, ■but the Premiers were inclined to take the view that if further sacrifices were needed, there should be no hesitation in applying them.” \ N.S.W. SAVINGS BANK. REOPENING INTEREST RATES. SYDNEY, .September 3. The Commissioners of the Government Savings Bank decided that the ■ interest rates for the new business diviV sion of the Savings Bank be 3-J- per cent., to £SOO and three per cent., from v ,£SOO to £IOOO. Friendly Societies’ ’ accounts will be allowed per cent. on all balances up to amounts ’ ap(X'-' proved. A Deposits from Monday and Tuesday next will carry interest for a full month. There will be no fee for keeping accounts in the rural bank new business division up to December 1931.