WHO WILL LEAD?

Auckland Star, Volume LXII, Issue 15, 19 January 1931, Page 7

WHO WILL LEAD?

SCULLIN OR LANG?

London Press Considers Issue

Undecided.

EXCHANGE EVASION.

(United P.A.—Electric Telegraph-Copyright)

(Received 10 a.m.)

LONDON, January IS

The "Observer," in an editorial, welcomes Mr. J. H. Scullin's declaration against inflation and tho Loan Council's' three-year plan, and points out that the question as to whether Mr. Scullin or Mr. Lang should be master is still undecided.

Thy financial editor <;f the same paper says that in order to evade the exchange people not connected with industry are buying goods in Australia, anci shipping airJ selling thorn to Britain.

Others are buying bank shares in Australia and Transferring them to the London register, then selling them here. The exchange problem will not be qvcrcome quickly, but with firmness on the part of Mr. Scullin, it will ultimately *be remedied. Meanwhile, holders of Australian stock should not sell at the present prices.

The "Morning Post's" city editor says: Apparently there is some difficulty both here and in Australia in .'ranging the precise position of Mr. Scullin as regards inflation. This is not altogether surprising because his position inust have been embarrassed during his absence in London by the departure from the full original programme for a reduction of expenditure.

Reading between the lines it would seem that Mr. Scullin is genuinely anxious to avoid anything in tho way of inflation, but inasmuch as expenditure niust. be met he would peerti in that respect to be somewhat dependent up6n the extent to which investors i.i Australia support such loans, as may be brought forward.

AUSTRALIAN BARRED.

.SHEEPSKIN BOYCOTT.

(Received 11.30 a.m.)

MELBOURNE, this day,

The Australian representatives of a number of British fcllm6hger3 reteived advice from them to the. effect that they had decided to join the French fillmongers and not purchase Australian while tho export'duty remains in force.

NOTHING WRONG

AUSTRALIA SOUND AT HEART

(Received 1.30 p.m.)

LONDON, January IS

Earl Beauchamp, interviewed on his arrival at Southampton, said: "There is nothing wrong with Australia. Tjike the rest of the world she is going through bad times. If they buckle to they will win through/They will recover speedily if they carry out Sir Otto Niemeyer's scheme.

Referring to the Governor-Generalship, he said the position was less important than formerly. If the people wanted an Australian Governor-General they should have one.

NATIONAL BANKS.

MILITANT LABOUR MOVE.

SYDNEY, January IS.

The militant element of the New South Wales branch of the Australian Labour party has launched a campaign for the nationalisation of banking and thio subject is to 'take precedence at the Easter conference.

In the meantime considerable propaganda, is l>eing prepared. It is understood that Mr. E. G. Theodore is the sponsor of the movement. It is claimed that the socialisation of credit must necessarily be the first step in a big effort toward the complete socialisation of industry, which is a'plank in Labour's platform.