AUSTRALIA'S AFFAIRS.

Press, Volume LXVI, Issue 20036, 18 September 1930, Page 11

AUSTRALIA'S AFFAIRS.

BANK FUNDS IN LONDON.

POOLING SCHEME APPROVED. (UNITED PEESS ASSOCIATION—B* ' ELECTRIC ' TELEGRAPH— COPV3IOHT.) (Received September 17th, 7.45 p.m.) LONDON, September 16. The "Financial Times" says: Financial circles regard the initiation of a scheme of pooling Australian bank funds in London, estimated at £40,000,000, as one of the most important measures introduced in connexion with the crisis. It is believed that the •scheme will remove all doubts of Australia's ability to meet her commitments promptly and faithfully. It was satisfactory to note that the banks' decision was unanimous.

DIFFERENCES OF OPINION.

UNION LEADERS AND MINISTERS

MELBOURNE, September 17.

Mr J. E. Fenton's statement (as Acting-Prime Minister) that the resolutions passed by the Labour Conference of the Australasian Council of Trade Unions were not legally enforceable upon Federal Ministers has aroused much resentment in union circles, and a split in the Party between the industrial and political sections is regarded as not improbable. The address of the Victorian Premier (Mr E. J. Hogan) to the Victorian Labour Party Conference, in defence of the necessity for the retrenchment of employees and salaries, contained an emphatic contradiction of the statements being made by union leaders that a capitalist conspiracy is exploiting the current depression, and that Sir Otto Niemeyer, in his report on Australian finances, was acting solely on behalf of British financial interests. Sir Otto had not visited Australia as a bailiff, as had been suggested, but had como to represent the Bank of England, of which Australia desired to become a customer. N.S.W. GOVERNMENT'S POLICY. THE PREMIER'S APPEAL. SYDNEY, September 17. Mr T. E. Bavin's policy speech tomorrow, it is stated, will contain the following points: — The electors are to be asked to approve the Premier's financial agreement by returning the Government so that the agreement can be given Parliamentary ratification. The Premier promises to convene Parliament without delay for the presentation of the Budget and estimates. A Bill will be introduced providing a limited moratorium for the rolief of purchasers of homes and other property, to prevent injustice to persons who have paid off substantial sums on real estate and other property, such as farm machinery. The moratorium will also apply to hire purchase agreements. Mr Bavin considers that if the State shows a determination to live within its means there will be a favourable reaction on the overseas money market, which will be reflected in improved conditions in New South Wales. All possible means must be employed to cope with unemployment. Every avenue of Government work and private enterprise must be exploited to that end. EMPIRE TRADE POLICY. FREMANTLE, September 17. Senator H. E. Elliott (Victoria), interviewed on his arrival on the Ormonde, said while in England he made a study of Lord Beaverbrook's Empire trade policy, and had found it did not include the abolition of Dominion tariff walls, but represented the principle of reciprocal preference, which was what Australian Prime Ministers have been seeking since the days of Sir Alfred Deakin. He said: "We must realise it is useless trying to establish economic laws without regard to the rest of the world. If we will not think with our heads we will be forced to think with our stomachs."

FEDERAL TARIFF CONDEMNED.

LONDON, September 17,

Senator H. 8. Foil (Queensland) represented Australia at the International Parliamentary Commercial Conference at Brussels, at which 40 nations were represented. The conference members roundly condemned Australia's tariff, but Senator Toll defended it, and pleaded that Australia was endeavouring to restore her trade balance and readjust her finances. He urged that the world should regard Australia as a good customer, endeavouring to solve her temporary difficulties.