NO INFLATION.

Auckland Star, Volume LXII, Issue 37, 13 February 1931, Page 7

NO INFLATION.

FEDERAL FINANCE

Bankers Reported Opposed to

Theodore Plan.

HOW AID COULD BE GIVEN.

(United P.A.—Electric Telegraph—Copyrighti

(Received 11 a.m.)

SYDNEY, .this! day

Further conversations on the financial proposals evolved by the Federal Treasurer, Mr. E. G. Theodore, which Were discussed early this week at Canberra, have been conducted for the past two days in Sydney.*

. Mr. Theodore conferred with the Commonwealth Bank Board and .has again returned t,6 Canberra, -where he will report to the conference of Premiers and Treasurers the result of his deliberations. Although no official statement has been issued it is understood that the Bank Board would not agree to any scheme which would tend to bring about financial inflation within the Commonwealth.

The "Sydney Morning Herald" says it was learned from authoritative banking sources that, provided the Governments make adequate reduction in tlieir expenditure, the trading banks in co-operation with the Commonwealth Bank will be enabled to take action towards assisting industry and restoring employment.

Leading bankers are of the opinion that if the banks were relieved of the burden of financing Government deficits they would be in a position to render the necessary assistance.

PUBLIC RESENTMENT.

Citizens to Protest Against

Lang Policy.

LORD MAYOR CALLS MEETING,

(Received 11 a.m.)

SYDNEY, this day.

A public meeting, convened by the Lord Mayor, Alderman Jackson, will be held in the Town Hall on Monday t6 protest against Mr. J. Lang's proposals made at Canberra this week. The organisers'believe that 'a forceful demonstration of citizens at this juncture wOnld wield a powerful influence in the prevention of currency inflation and the destruction of credit.

Tho unconstitutional and repudiatory action of the class proposed by Mr. Lang, they point out, would destroy , national stability atid weaken, the bonds of Empire.

TO PURGE POLITICS.

New Non-Party Organisation in

Australia.

LOFTY IDEALS

(Received 12.30 p.m.)

SYDNEY, this day.

Conceived primarily to purge politics the "All for Australia League," a new non-party political organisation, was formed amid scenes of great enthusiasm at a public meeting at Killara. Thousands were unable to gain admittance to the hall.

Among the objects of the league are the following:—To organise to meet the present economic and social crisis, restoration of national credit through Government economy and balanced Budgets, the creation of unity of purpose, the joining of producing and consuming interests, and co-operation between class and class.

ANOTHER TEST

Federal By-Election for East Sydney. LANG A CANDIDATE 1 / . SYDNEY, February 12. Whether the East Sydney seat in the Federal Parliament, which was formerly a Labour stronghold, ca.n be won from Labour, as was Parkes, is to be put to the test by the -National party, .Whose nominee for the by'election is Mr. L. C. Cdurtenay, a former city alderman. He was selected this evening from 15 aspirants, including Sir Keith Smith, the well-known airman. The late member for East Sydney, Mr. John West, was a most popular Labour veteran, and he could not be beaten while he lived. The Labour nominee will be selected to-morrow. It is rumoured that the Premier, Mr. J, T. Lang, i& likely to be a candidate. NO DEFINITE POLICY. LABOUR PARTY DISCUSSION. (Received 12 noon.) MELBOURNE, this day. After discussing various proposals for inclusion in the policy to be followed by the Federal and State Labour Governments, the Federal Executive of the Australian Labour party was unable to arrive at any definite decision. Mr. Scullin, Mr. Hogan (Victoria) and Mr. Hill (South Australia) participated in the debate. APPEAL TO BRITAIN. RIGHT TO ASSISTANCE. CANBERRA, February 12. Sir James Mitchell, Premier of 'West Australia, has sent a cablegram to Lon-' don for" publication in the newspapers, appealing to British investors for assistance for the Commonwealth. TJi© appeal emphasises that the ■ talk of repudiation in Australia, is resented by 80 per cent of the citizens. "We are in a. tight corner, having 2,500,000 unemployed persons, owing to the sudden drop in export values," says Sir James. "W6 are a British people, who are holding Australia for the Empire. We feel we have the right to ask for help from you, especially when Britain is lend- j ing freely to other countries' which are not more British, and are not offering better security." , • i