Banks Refuse Cash

Sun (Auckland), Volume III, Issue 918, 11 March 1930, Page 9

Banks Refuse Cash

AUSTRALIAN NOTES USELESS Industrial Trouble Worse N.S.W. STATE RAILWAYS FOR SALE AUSTRALIA’S financial 'difficulties are seriously reacting upon the Commonwealth both from abroad and within the States themselves. A heavy super-tax on the tariff schedule is threatened, and the English banks are refusing to cash Australian notes. The New South Wales State railways are likely to fall Into private hands because the Government cannot finance them. Industrial troubles, meanwhile, are as prevalent as ever.

United F.A.—By Telegraph—Copyright Reed. 11 a.m. BONDON, Monday. A Queenslander, with £7OO in Australian notes in his pocket, is walking the streets in Bondon unable to buy a meal. He is included among the first sufferers on account of the refusal of the banks to accept Australian notes. As the result of further advices from Australia other hanks are not changing Australian notes, even at a discount. PEACE NO NEARER COAL CONFERENCE FAILS MORE MINES TO CLOSE Reed. 11 a.m. SYDNEY, Today. The conference between the parties to the coalmines dispute broke down today one hour after the proceedings had been commenced. This leaves peace on the coalfields as far off as ever. The miners’ representatives announced that they were not prepared to accept any terms other than pre-stop-page conditions. The proprietors of the collieries expressed their willingness to reopen the mines on the basis of the compromise agreement proposed on November 23. This the miners’ representatives again rejected on the ground that their organisation had given them no mandate in that connection. A deadlock was reached therefore and the parties dispersed. The conference had been opened by the Premier, Mr. T. R. Bavin, who expressed the hope that a settlement would be effected. He said it would make the task of the Government easier from the standpoint of reducing unemployment. The New South Wales Cabinet tomorrow will consider whether nnem-

ployment relief should be withdrawn from the coal-miners, in view of the failure of the conference. " WAGES MUST FALL A meeting of secretaries of the miners’ lodges is to be held tomorrow at Newcastle in order to formulate a policy for the future. A Melbourne message says owing to a decline in the Bondon market in prices of lead, silver and zinc, two of the Broken Hill mines may close in the near future. The ttvo mines employ about SSO men, and unless these are willing to make some concessions, the mines will shut. STATE IN DIFFICULTY RAILWAYS TO GO PRIVATE CONCERN PROJECT Reed. 11.15 a.m. SYDNEY, Today. The State Treasurer, Mr. B. S. B Stevens, has indicated that in future the railways might be 'conducted by private enterprise. Mr. Stevens said the time was not far distant when the sheer disability of the Government to find the necessary money for railway construction would compel it to allow private concerns to do these things. HEAVY SUPER-TAX A message from Canberra says it is understood that serious consideration has been given by the Federal Ministry to a proposal to impose an allround super-tax on all items in the tariff schedule. The step would be drastic, but in view of the serious trade position, it is thought in certain quarters that such action should he taken. It is rumoured that the super-tax might even he as high as 10 or 15 per cent.