AUSTRALIAN FINANCE
REHABILITATION EFFORTS. PROBLEM OF N.S.W. STATEMENT BY PRIME MINISTER. (United Press Association.—By Electrio Telegraph.—Copyright.) Received January 29, 10.20 a.m. MELBOURNE, Jan. 29. •That no sacrifices by the citizens in other States where the burden has been spread could save them from a general collapse if New South Wales failed to give proper effect to the Premiers’ Plan was a statement made by Mr J. A. Lyons to the Loan Council and the Premiers’ Conference, in explaining the financial position as the Commonwealth saw it. Mr Lyons added that up to the present the principle of equality of sacrifice had not been uniformly applied. • Reports prepared for the Treasurer showed that according to the Premiers’ Plan and subsequent fidjustmerits the deficits of the Commonwealth and States for the financial year .1931-32 should be £12,220,000. Revised estimates showed that this sum would be exceeded by £5,840,000. The increase ih New South Wales above the amount contemplated in the.plan was £3,460,000. In a reduction of the adjustable 'expenditure to comply with the Premiers’ Plan, New South Wales was short of the required savings by £1,860,000, the Commonwealth, Victoria, Queensland, Western Australia and South Australia all having reduced their expenditure more than tvas stipulated and Tasmania having achieved an exact 20 per cent. In an .address to the conference, Mr Lyons directed attention to the fact that the Governments owed a total of £78,826,000 on short-dated unfunded loans.
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Manawatu Standard, Volume LII, Issue 50, 29 January 1932, Page 7
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236AUSTRALIAN FINANCE Manawatu Standard, Volume LII, Issue 50, 29 January 1932, Page 7
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