FINANCIAL CRISIS.

Waikato Times, Volume 108, Issue 18140, 3 October 1930, Page 6

FINANCIAL CRISIS.

FEDERAL LEDGERS.

PROPOSALS APPROVED.

PARLIAMENT TO MEET United Press Assn .—Elec. Tel. Copyright CANBERRA, Oct. 2. The Federal Cabinet at its meeting to-day decided to call Parliament together on October 30. The acting-Prime Minister, Mr J. E. Fenton, in making this announcement said proposals to balance the Budget had been approved by the Cabinet, w'hich had agreed to reduce expenditure by £4,000,000 a year.

MORE CHEERFUL NOTE.

STRUCK BY A .BANKER. DIFFICULTIES SOON DISAPPEAR. ! MELBOURNE, Oct. 2. Mr G. H. Tranter, chairman of the associated banks, sounded a cheerful note to-day when he declared that the people of Australia only required to deny themselves a few things and adjust themselves to the new conditions and their economio difficulties wrnuid soon disappear. The healthy deposits held by tha banks w'ere the best indication of Australia’s solvency. It was the wrong time to sell stocks. His advice to those who w r ere worried about the falling market w r as : to lock their bonds and scrip in their safes and throw away the keys. There has been a decided improvement on the investment markets in Sydney and Melbourne in the past two days owing to the evident desire of the Governments to live within their incomes.

Commonwealth bonds, banks and the better class of industrial stocks are appreciably firmer and there ars more buyers all round.