LABOUR BID.

Auckland Star, Volume LXII, Issue 285, 2 December 1931, Page 7

LABOUR BID.

POLICY OUTLINED.

Scullin Opens Commonwealth

Campaign.

ECONOMIC RECOVERY.

iUnited P.A.—Mectrie Telegraph—Copyright)

MELBOURNE, December 1,

The Prime Minister, Mr. J. H. Scullin, delivered a policy speech last evening. He claimed that, although his Government. had been handicapped by a hostile Senate, an empty Treasury and a heavy deficit, it had been, able to avoid default and also to place Australia on the road to recovery.

.The next Parliament must-concentrate on the work of economic reconstruction. If required, the Labour party was prepared to bring together the best'brains of public-spirited men in all walks of life to advise and assist it in this task. Some means must be'found to get men back into employment.

Mr. Scullin expressed the opinion that the ultimate solution of this problem would be found in international financial co-operation. Labour would take up the question of an interchange of preferences and mutual arrangements for markets with Britain and the Dominions and help to search for a sounder monetary system than thel one which already had failed.

The restoration of employment and the rehabilitation of trade and'industry dwarfed every other issue. Mr. IScullin urged the electors to take no notice of canards about the- Labour Government resorting to inflation. Such' things were said years ago about the Fisher Labour GoverniLenti

Banking Competition. It was, however, intended "to permit the Commonwealth Bank to function actively as a trading institution in competition with the private banks' and to embark upon central reserve banking, which was a notable feature of the financial developments cf other countries. ' . A central bank, could tide the country oyer the period of financial stringency by mobilising the reserves of all the banks and 'using, them to the' best advantage. Labour would continue' to encourage Australian manufactures to the utmost limit by affording the. needful protection, and would aim to secure to British industry the main share of the import trade of the Commonwealth. ...

Efforts would be- ma'de to build up and strengthen. the! .primary industries and to offer encouragement to others to take up rural pursuits. Although .the high rate of exchange -was very costly to the Governments of Australia, the present exchange rate would be. maintained in .the interests of the primaryproducers.