FEDERAL FINANCE

Nelson Evening Mail, Volume LXIV, 15 January 1931, Page 5

FEDERAL FINANCE

LOAN COUNCIL DECISION EXPERT COMMITTEE RECOM= MENDED (United Press Association—By Electric Telegraph—Copyright) MELBOURNE, 14th January. The Loan Council, consisting of the Prime and State Ministers and Treasurers of the various States decided that an expert committee, not necessarily political, representing the seven Governments of Australia should bo ap-

pointed to recommend means for a rehabilitation of the. national finance. It is understood that Sir Robert Gibson, Chairman of the Commonwealth Bank, will be chairman. It also decided that a conference of Premiers and Treasurers should be convened within a month to review the whole financial position. Members of the Loan Council considered the attitude of the New South Wales Premier Mr Lang, who is holding aloof from the council, yet expects it to back Iffs bills. Keen ' resentment was expressed at his conduct, and the view ex--pressed that while Queensland, South Australia, and Tasmania, were doing Llieir best to cut public expenditure, these States are expected by Mr Lang to carry the baby of his prodigality. The Council’s decision in this connection was not disclosed. THREEYEAR PLAN MELBOURNE, 14th January. The proposed conference of Premiers and Treasurers is to lay down a threeyear plan aiming at adjustment within that period of public. finances and general monetary conditions. The council also fixed the terms whereon Commonwealth securities may be sold over the counter by State Treasurers as follows: 6 per cent, at par, maturing on 31st .May, 1934, or 03 at par maturing on 15th December, 1940. AUSTRALIAN MONEY ORDERS SYDNEY, 14th January. From to-day the commission on Australian money orders payable in .and through New’Zealand is 2s 7d for each pound or fraction of a pound. “WILL WIN THROUGH”

SAYS M.R FORBES

(Received 15tli January, 10.5 a.m.) SYDNEY, This Day. “Australia is sound and will win through,” said Mr Eorbes. “It will mean’ hard work, but a country like Australia with her climate and resources should not give way to pessimism.” ADVANCING EXCHANGE RATE BARGAIN HUNTERS ACTIVE LONDON, 14th January., The “Financial Times” says that the advancing exchange rate ill Australia jvill aid the plan whereby the hanks have undertaken to furnish the £3,000,000 monthly required in London for the payment of the interest on Australian debts. , The “Morning Post” says that the fall in Australian slocks had the effect of bringing in bargain hunters, who argue that the .purchnce at present- has hardly hurt capitalists, who have the money wherewith to take risks, and whereupon the yield is now exceedingly handsome. BETTER TONE FOR STOCKS (Received 15th January. 1.25 p.m.) LONDON, 14th January, Australian stocks are fairly steady. Some State issues dropped two or three points, and others recovered similarly. The tone is rather better.