AUSTRALIA'S AFFAIRS.

Press, Volume LXVI, Issue 20037, 19 September 1930, Page 11

AUSTRALIA'S AFFAIRS.

NEW SOUTH WALES ELECTION. BATTLE ON BEHALF OF COMMONWEALTH. _____ PREMIER ANNOUNCES HIS POLICY. (UKITEB MIENS ASSOCIATION—BT ELECTBIr TELKORAPtI COPYRIGHT.) (Received September 18th, 11.10 p.m.) SYDNEY, September 18. The policy speech which the Premier of New South Wales (Mr T. R. Bavin) delivered to a crowded audience at Killara, to-night, embodied all the points given in yesterday's summary, in which it was stated that the Government Bought approval of the financial agreement reached at the Premiers' Conference. Mr Bavin warned the doctors that if this agreement was repudiated by any or all of the States there was no escape from disaster. "We are therefore fighting in this State the battle of the whole of Australia," he declared. "I have undertaken, on behalf of New South Wales, to baianco our Budget, an 1 now I ask for a free hand to do so. We shall aim at equality of sacrifice, relief for unemployment, roduced cost of public services, the maintenance of the highest standards of living that the economic conditions will permit, and' the insistence that tho reduced costs of production shall be accompanied by a corresponding reduction in the costs of commodities. "We shall do our utmost to meet our obligations by economy rather than by taxation," he said. "We shall provide loans at low rates of interest for those primary producers who are prepared to give employment and we shall continue our efforts for the rolief of unemployment. We will give reliof to mortgagors of property who are unable to meet their obligations." Finances Reviewed. Mr Bavin reviewed the finances of the State and the Commonwealth, pointing out that the national income had diminished by £80,000,000, and he estimated that the total d«ficit of the Commonwealth and States for the current year, unless its expenditure were drastically cut down, would amount to £20,000,000. He emphasised that Australia's difficulties were only postponed, not removed, but if it should be apparent that they were making a genuine effort to honour their obligations, they would be able to convert their loans as they fell due at a lower rate of interest. He said that before next June they had to raise £49,000,000 from the Australian market for conversion of internal loans.

ATTEMPTING TO SOLVE THE PROBLEM. FURTHER INCRE/.SES IN TAXES LIKELY. (Bccoived September 19th, 1.12 a.m.) MELBOURNE, September 18. The Federal Cabinet is meeting continuously, trying to evolve a policy of economic and financial reconstruction. The Acting-Prime Minister, Mr J. E. Fenton, whose health is indifferent, said tbat Cabinet was convinced that wages and other costs muet come down; also that it was highly likely that further taxation would be imposed on land, private incomes, and amusements, as well as increased Customs and excise duties. »

RATIONING SCHEME REJECTED. VICTORIAN RAILWAYMEN'S DECISION. (Received September 18th, 7 p.m.) MELBOURNE, September 18. The council of Victorian Railways Union; controlling 18,000 members, rejected the suggested rationing of work in the railway service. The Premier, Mr E. J. Hogan, told the Council that the alternative *° rationing would be the immediate dismissal of from 1500 to 2000 men. MR J. H. SCULLIN OPTIMISTIC. ' HARDSHIP ONLY • TEMPORARY. NAPLES September 17 Australia will soon be back to the flourishing position which it held be- • fore, said Mr J. H. Scullin (Prime Minister) in an interview aboard the liner Orama. "1 am convinced that the- phase of economic hardship through which the countrv is going is only temporary. Australia's position is the result of decreased exports, which, in turn, is the outcome of a world-wide crisis in industry. "I would have preferred to have remained in Australia for I am very .desirous of finding solutions to the important problems awaiting me there " NO REPUDIATION OP DEBTS. OBLIGATIONS WILL BE MET. ' (BEITISa OFFICIAL WIF.2LESS.) RUGBY, September. 17. Sir Granville Ryrie, High Commissioner for Australia in London, has writen to the Press with reference to a suggestion to which publicity has been given that Australia might consider repudiating her war debt. Sir Granville Ryrie says Australia has never failed yet and never will fail to met her obligations at the due dates, and recalls the statement made by the Australian Prime Minister (Mr J. H Scullin) in the House of Representatives : —"1 regard the Australian debt as 1 would regard a personal debt. There will be no repudiation of our obligations by this Government." Mr Scullin has since declared that repudiation would not only, be dishonest but disastrous, and brs described the suggestion as "utter nonsense." I