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DANGEROUS WORD

FEDERAL "DEFAULT."

Theodore's Speech Causes Wave Of Anxiety at Home.

STOCK DROPS SHARPLY

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

(Received 10.30 a.m.) LONDON, March 25. The "Evening News" says there is no business in Australian stocks. "Jobbers" (dealers in public stock) are quoting the widest nominal prices and are unwilling to do business even several points below last night's closing prices. These include: New South Wales, 6J per cent £82 to £8o 10/, 6 per cent £75 to £77; Victorian, 5 per cent £6S to £70 10/; Queensland, 5 per cent £70, G per cent £73; South Australian, 6J per cent £84. Mr. Theodore's use of the word default caused a wave of anxiety and nervousness to sweep over investors. In order to discourage selling brokers are marking the prices lower. A conference at Australia House between Mr. J. R. Collins, financial adviser in London, Sir George Fuller, New South Wales Agent-General, and a representative of the Westminster Bank regarding £5,000,000 due to the bank on March 31 resulted in the matter being handed over to Mr. Collins as sole negotiator. The strictest reticence is ' being observed, but there is a strong feeling that there are good prospects of the banking interests agreeing to an arrangement to see three of the States over their difficulty. The "Morning Post's" financial editor says Mr. Theodore's speech was one of the most serious received from 'Australia. However, if the London market could be assured that' the necessary reforms would be carried out there should be no difficulty in obtaining credits to tide over the crisis. Mr. Theodore's statement that Australia is off the gold standard goes to the root of the trouble, .continues the writer. The gold standard and other sound banking measures can be defeated if the economic costs of production are subordinated to political expediency. The "Morning Post" states "* that though the market for Australian securities is demoralised this does not mean that the City takes on its face value Mr. Theodore's references to possible default. Probably it only needs a clearly defined policy for to secure a renewal of its Treasury bills. The City cannot comprehend wliv Mr. Theodore should make speeches damaging to Australian credit.

FIDUCIARY ISSUE.

Bitter Debate on Bill's Second

Reading.

THEODORE ASSAILED.

(Received 11.30 a.m.) CANBERRA, this day. The Fiduciary Currency Bill .was read a second time after. a long and bitter debate. .It w r as passed by 34 votes, to 29. There was a stormy period when Mr. S. M. Gullett, deputy-Leader of the Opposition, suggested that the fiduciary notes, to show their real worth, should bear on one side a photograph of Mr. Theodore surrounded by the Mungana Commission findings. The Postnjaster-Gencral, Mr. Green, interjected: "You are a dirty dog," whereupon the Speaker sternly demanded an apology. "He > is a scoundrel," declared Mr. Green, but on the Speaker's threatening to name him, he apologised. The Speaker then reminded the House that such references to the Treasurer and a case which was sub judice were not permissible in the debate. <

"TRAVELLERS' TALES."

WILD REPORTS REVOLT.

(Received 10 a.m.) CANBERRA, this day. Mr. Scullin has cabled to the Honolulu newspapers denying the "wild reports" of ship travellers about Australia being on the verge of revolution. The Piime Minister states that the alleged reference by an officer of the Sierra to warships being in readiness x has been brought to the notice of the Oceanic Steamship authorities.

LABOUR WRANGLE.

REMOVAL OF MR. McGRATH

I CANBERRA, March 25. ( The Labour caucus to-day passed a resolution that the Government take action on the floor of the House of Representatives to oust Mr. D. O. McGrath of Victoria, from the position of Chairman of Committees, and that the vote shall be made a vital issue Dr. W. MalOnev and Mr. F. Anstey, Victorian members, vigorously opposed the motion. Later the Government failed to give notice that the position of Chairman of Committees be declared vacant Mr. McGrath, therefore, appears to be sate.

DEATH DUTIES RAISED.

NEW SOUTH WALES BILL.

SYDNEY, March 25. 4 sharp increase in death duties is provided for in the Stamp Duties Amendment Bill, introduced in the Legislate Assembly. The proposed new duties range from 2 per cent on estates up to fio°° to 25 P er cent on es £100,000 or more. The present rate on estates exceeding £100,000 is 15i per cent.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AS19310326.2.42

Bibliographic details

Auckland Star, Volume LXII, Issue 72, 26 March 1931, Page 7

Word Count
727

DANGEROUS WORD Auckland Star, Volume LXII, Issue 72, 26 March 1931, Page 7

DANGEROUS WORD Auckland Star, Volume LXII, Issue 72, 26 March 1931, Page 7

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