15 Jun 1961
Page 1
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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jun 15, 1961
Page
1
Trading banks will be asked to increase lending slightly to support cashflow for soundly based companies. The move aims to maintain activity in the private sector after Cabinet met with Reserve Bank Governor Dr. Coombs.
In Sydney a Reserve Bank representative downplays reports of a broad credit relaxation while ministers deny abandonment of restrictions. A Commonwealth source notes a limited easing to support exports and key industries, with talk of targeted credit despite unemployment rising and upcoming elections.
The Premiers trimmed demands to about £260 million while the Commonwealth rejected that offer and held £233 million as its opening proposal. The Commonwealth would not raise, but may extend by £4 million for local and semi governmental borrowing. Premier Heffron said the issue remains unsettled as Premier Playford signals a move against the Commonwealth.
A head on collision between two electric trains near Slutigant Station killed 34 and left four to ten unaccounted for. Officials say drivers died, priests performed last rites, and rescue teams battled to recover bodies while the German railway agency blamed a red signal violation.
Geneva report says France suspended the Algerian peace talks after insurgent demands to continue discussions. French Algerian Affairs Minister S41 Lemeis Joxe sought a 10 to 15 day reflection period and warned negotiations may not resume on a set date. Insurgent Redhu Malek blamed Paris for the adjournment and noted a rejected proposal for a working session to present concrete proposals.
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