CREDIT DAMAGED

Auckland Star, Volume LXIII, Issue 97, 26 April 1932, Page 7

CREDIT DAMAGED

REPUDIATION TALK.

AUSTRALIAN STOCKS.

London Investors Disturbed By

Lang Tactics,

MEASURES TO RAISE FUNDS

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

(Received 10 a.m.) SYDNEY, this day. A London cablegram states that the financial editor of -the "Sunday Times" says that the renewed weakness of Australian stocks is causing anxiety. Apart from the question of exchange, investors are disturbed by the apparent inability of the Commonwealth Government to prevent Jlr. Lang from damaging the country's credit by repudiation talk.

The writer says: "It is permissible to hope that the Commonwealth Government in the end will be master in its own house and will be in a position to overrule the unorthodox plans of the heads of States for whose financial obligations it has made itself responsible, Otherwise I could not advise investors to retain their interests in Commonwealth securities."

Lang Delays Appeal to Country. The New South Wales Parliament will meet to-day, when it is anticipated that the Premier will introduce a bill to validate any illegality arising out of recent actions affecting the Audit Act.

It is understood that the Government is not -willing to go to the country, but will endeavour to carry on until the Privy Council's decision is known regarding the abolition of the Legislative Council.

Measures are expected to be introduced to raise revenue to meet the State's requirements. They will include drastic increases in taxation on high incomes and earnings, a levy on property above a certain value and possibly the imposition of a capital levy as recommended by the recent Labour Conference.

The "Daily Telegraph" says that secret plans for constituting the State Treasury a bank, on which cheques can be drawn for payment of Governmental accounts, have been drawn up and are at present in possession" of Mr. Lang. The paper adds that special legislation ■will be necessary to put it into operation as it is virtual inflation.

DISGRACED LABOUR.

N.S.W. Executive Repudiates

Lang Dictatorship

FEDERAL PARTY ATTITUDE. (Received 11 a.m.) SYDNEY, this day. A statement defining the attitude of the New South Wales branch of the Federal Australian Labour party, issued oil behalf of the executive, says: —"The New South Wales branch of the A.L.P. finds it necessary to declare that there can be no unity or compromise with the Lang dictatorship which, although it has successfully deceived and intimidated thousands of honest Labourites, has disgraced and dishonoured the name of the AX.P. by its conduct and administration."

AT LOGGERHEADS.

Victorian Labour Split on Eve

Of Election.

PREMIER OSTRACISED,

MELBOURNE, April 25,

The Victorian Labour party, on the eve of the general election, is at loggerheads. Several Ministerialists and others desirous of a continuance of the financial rehabilitation plan have been ostracised and their endorsement as official Labour candidate has been withheld. They include the Premier, Mr. E. J. Hogan, and Mr. E. E. Bond, while Messrs. J. P. Jones, H. Angus and K. Jackson have resigned from the party.

MR. HOGAN AGGRIEVED.

EXPLANATION REQUESTED,

(Received 1 p.m.) GENEVA, April 25. A London message states that in an Interview Mr. Hogan said he is aggrieved because he understands that a cable sent to Mr. T. Tunnecliffe, Acting-Premier, On April 15, in favour of the re-enact-ment of the Premiers' Plan was suppressed and not even read to Cabinet Ministers when their election policy was discussed.

He declares that it is a choice between honour and dishonour. "I adhere to my political principles in supporting the re-enactment of the whole Premiers' Plan," he declares.

"Mr. TunneclifiVs statement that I lave not been offered the Agent-General-ship for Victoria puzzles me. I have asked him to explain, and will probably publish to-morrow his cable respecting the Agent-Generalsliip, together with Jny replies.''

AGAINST " REDS." NEW FEDERAL LEGISLATION. (Received 1 p.m.) CANBERRA, this day. When the Commonwealth Parliament resumes on Wednesday, the Government will introduce into the Senate an amendment to the Immigration Bill to provide machinery for the deportation of undesirables.

This is the first step dealing with Communism, and it will be followed by a second measure to break up unlawful associations.

DECISION RESERVED.

N.S.W. PRIVY COUNCIL CASE,

(Received 1 p.m.)

LONDON, April 25,

Argument before the Privy Council on the case of the appeal by the Government of New South Wales for the right to abolish the Legislative Council was concluded to-day. Judgment was reserved. ,