FEDERAL FINANCE

Hokitika Guardian, 12 September 1932, Page 5

FEDERAL FINANCE

AW IMPROVEMENT REDUCTION IN EXPENDITURE. i (Australian Press Association.) CANBERRA, September 11. The Federal accounts for the first two months of this financial year show the' revenue .'ait £12,109,000 including the following items:—Customs £3,719,.000; Excise, £1,815,000; Sales Tax revenue, £1,475,000. There has sbeeii’ t 'a ; redUctiofl' of one million and three-quarters iiF’fixpenditiire. This is duie largely to’ f the loan conversion operation dfiicF’t lie' fhet. that the;• Gonimonweal tb JsSio longer committed to the. payment of the defaulted New South Wales interest.

N.S.W. LOAN CONVERSION

LONDON, September 9

In securing attractive terms for the New South Wales conversion of £11,000,000, Mr S. M. Bruco (resident Australian Minister in London), Will find it necessary to explain the difference between the New Zealand find Australian rates of exchange, to which some financiers apparently attach undue significance, concluding that the higher price of New Zealand loans is due in some measure to the maintenance of a £lO rate, compared with Australia’s £25. " Mr Bruce will doubtless take the first opportunity of explaining the reason why Australia is keeping the rate at the present'level. iW

AUSTRALIAN RATE OF EXCHANGE. ‘

■SYDNEY, Setpembef 10.

The Commonwealth Bank Board has decided that there should be no change in the exchange rate.

Sir Robert Gibson said that there would be no alteration in the buying or selling rates on London. Following the ,improved national outlook, a large amount of Australian capital that formerly had been sent abroad had now been brought back to Australia.