FARMERS' POLICY.

Auckland Star, Volume LXI, Issue 229, 27 September 1930, Page 9

FARMERS' POLICY.

Pact to Balance Budgets Must Be Ratified. MR. BAVIN'S WARNING. (United P.A.—Electric Telegraph—Copyright) (Keceivcd 10.30 a.m.) SYDNEY, this day. The Premier, Mr. T. E. Bavin, declared that if the Melbourne Conference agreement were repudiated by New South Wales, the financial and economic results would be a national disaster. Those who retained employment in the event of such a disaster would have to accept heavy reductions of salaries and wages. All the Governments were agreed that unless this agreement were adopted it would be impossible for Australia to meet her obligations in London. Furthermore, it would be impossible for the Governments to find money in Australia to meet their obligations, even for salaries and wages within a very short time. The making of this agreement, therefore, had saved Australia from a crisis which all the Premiers admitted to be imminent. If that crisis happened nothing was more certain than that there would be immediate chaos, not only in Government finance, but also in private industries. The result would have been a financial panic, and for every one man unemployed to-day there would have been 10 or 20.