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IMPORTS FALL
Federal Parliament
AFTER STATE ELECTIONS
CANBERRA, Tuesday.
Imports for the month of July',
declined £5,670,565.. Exports dur
ing the same mpnth increased .bY
£* 30,113, compared with the sim
ilar period last year.
ECONOMIES
Although no date has yet been fix
ed it appears certain that the Feder
al Parliament will not meet unti:
after the N.S.W. eoections.
It. is reported that investigations
have already commensed in all Fede
ral departments with a view to ef
fecting drastic economies.
SERIOUS POSITION
SYDNEY, Tuesday.
Mr. Riddle, Governor of the..Comrn
monwealth Bank, who returned to
Sydney to-day from Melbourne ex|
pressed Ithe view that the whole of thl
Governments, State and Federal, were
keenly alive to the seriousness.of the
financial .position.
"The position lhas to be faced;" he
added. "There. is no blinding our.
selves to the facts. The position lact
not undergone anly alteration since Sic
Otto Nlemneyer looked into it. I think
the Governments intend meeting the
position."
AIr. Riddl!e refused to comment
on the reported intention of the Gov
ernment of collaborating with bank
ing institutions, State Governments
employers and employees to restore
the purchasing power of the £ ster'
ling in order to pave the way for a
general reduction of wages without
inflicting any actual Ihardship on wage
earners.
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