BANK CONTROL.

Auckland Star, Volume LXV, Issue 203, 28 August 1934, Page 5

BANK CONTROL.

ISSUE IN ELECTION.

WHAT LABOUR WOULD DO.

OPPOSITION UNITED.

(By a Special Correspondent.)

SYDNEY, August 21

Within the past fortnight the leaders of the four political parties —Mr. Lyone, Dr. Page, Mr. Lang (through his mouthpiece, Mr. Bcasley) and Mr. Seullin — Jiave all expounded their views to the electors, and it is now possible to summarise their opinions and to analyse their doctrinal differences. It might be thought difficult to describe in a few, words the features of public policy which differentiate each of theee leaders from the others. But two such, widely distinct organs of public opinion svs "Truth" and the "Sydney Morning Eerald" have come to the eame conclusion about this great political contest—that the ,fig"ht centres wholly round the question of finance and the character and powers of financial institutions. *

"The future of the banking and credit structure," says "Truth," "is the real crux of the argument," and this, the "Sydney Morning Herald" contends, ie in reality "the one and only issue for the electors." The question, it eaye, 13 whether the Commonwealth shall eonI >tinuo "to finance a plan of economic j reconstruction by public support and investment," or whether we shall turn our backs upon our successes and resort to expedients already condemned by the united voice of human experience and "attempt to satisfy every demand by simply printing for distribution new paper" notes without backing, in the pretence that they are good money." It eaya that "the Scullin and Beasley factions of the Labour party have no policy but inflation" —and thas is true in different degrees. Mr. Beasley and Mr. Lang would destroy the private banks, and would enthrone in their place

a State bank which would obey the voice of its political master, and issue whatever "money" be might require. Mr. Scullin, it is true, would assist the Commonwealth Bank to absorb the trading 'banks, while theoretically maintaining its independence, but his policy comes to the same end.

One Fundamental Issue. The policies of Mr. Lyons and Dr. Earle Page, differing in many other respects, I agree in their adherence to the welltried principles and traditions of banking and finance as they exist to-day, and they concur entirely in their rejection of inflation, with all its attendant evils, 'rhese are the lines on which the struggle must be fought out. All other matters —even the differences of opinion about the tariff, on which Dr. Page lays such stress—are subsidiary to this one fundamental issue of currency and credit; and the leaders of the U.A.P. and the U.C.P., both in the State and throughout the Commonwealth must make this central fact clear both to their supporters and their opponents.

As far as Mr. Lang and his opinions are concerned, he has spared us the trouble of conjecturing what he means. For he has written a book—a ponderous work of 130,000 words, equal in bulk to three or four novels—in which, under the alluring title, "Why I Fight?" he has explained at length the reasons for his hatred of financiers and capitalists and private banks, and the measures that he would take for their destruction. "Enthroned in our society," he tells us, "is a hierarchy of financial anarchists, playing with a world of men and women for mere personal gain, putting them to work under the whip of hunger, throwing them into idleness to keep them in discipline, massing them for war, dividing them in peace —and from every activity into which it deploys them, drawing toll in gold, counted over and over in human tears and blood."

To this it need hardly be added that to' Mr. Lang and his followers the "socialisation" of public finance is only the first step toward the Marxist goal of "the socialisation of the means of production and distribution" and of all private property. That there may be no doubt about this, the Victorian Labour party—which eeems at preeent to be dividing its political allegiance equally between Mr. Seullin and Mr. Lang—has through its official <sommittes notified all its candidates that they must make clear to the public that what I

is intended is not only the socialisation of banking but a policy directed to securing control of the nation's entire financial and industrial operations for the purpose of establishing social ownership. It is difficult to believe that Mr. Scullin originally intended to go so far as this. •' But, bitterly •as he detests the Langites, his policy on this vitally important point seems to be inextricably interwoven with theirs.

In view of' the immense importance of all this, and the necessity for concerted and united action by all those sections of the community that regard Langism and its allies as the Commonwealth's most dangerous enemies, it is most encouraging to observe that there is a strong tendency toward co-opera - tion between the U.A.P. and the U.C.P. manifesting itself to-day. •

I Premier ana Mr. Bruner. I So far as this. State is concerned, Mr. J Stevens and Mr. Brunner have always worked harmoniously together, and the mutual confidence and respect that unites them has enabled them to come to an understanding which should serve I as a useful object-lesson in another sphere to Mr. Lyons and Dr. Earle Page. In a letter subsequently published, written to Mr. Brunner, the Premier points out that with respect to the ! Gloucester by-election for the State Parliament he and his colleagues consider it their duty to assist the U.A.P. candidate because this seat was previously I held by a U.A.P. member. Mr. Stevens admits that the U.C.P. is quite within its rights in nominating a candidate in opposition to the U.A.P. man. But he suggests that Mr. Brunner should not take the platform at this by-election, lest such a course might suggest that there is dissension in the Cabinet. As regards the Federal election, he suggests that "Cabinet Ministers should not appear on opposing sides," thus advocating a course which will ensure the least possible degree of friction between U.A.P. and U.C.P., and will thus enable them to utilise their resources to the utmost for the common cause. Mr. Brumier has accepted all Mr. Stevens' suggestions, with the assurance that he regards the course now contemplated as safeguarding completely the rights and interests of his own party. And so, in this State at least, the U.A.P. and the U.C.P. are nearer absolute tinity than ever before—at least for the purposes of this election.