FINANCES OF AUSTRALIA.

Press, Volume LXVI, Issue 20039, 22 September 1930, Page 11

FINANCES OF AUSTRALIA.

SIR OTTO NIEMEYER'S VISIT.

LABOUR MINISTERS' DECLARATIONS. (UNITED PRE3S ASSOCIATION—BX ' ELBCT3IG TELZGRAPH—COPi-RIQJIT.) (Received September 21st, 5.5 p.m.) SYDNEY, September 21. Speaking at Condobolin, Mr A. Blokeley, Minister for Home Affairs, denied that Sir Otto Niemeycr come to Australia at tho invitation of the Commonwealth Government. The fact was that the Bank of England suggested to tho Government that they should send n representative here with a view to taking over the overdraft of the Commonwealth Bank and the Westminster Bank, London. Mr Blakoley added that Labour had not, and would not, endorse Sir Otto Niemeyer'e proposals to reduce the standard of living in Australia to that of England, with its two millions of unemployed. Mr J. A. Beasley, Assistant Minister tor Industries, mad« a similar declaration at Queanheyan, and added that the financial interests abroad do not desire that the secondary industries in Australia should be developed; they desired that Australia should remain merely a Crown Colony producing raw materials for manufacture abroad. Labour was certainly not going to allow that.

AUSTRALIA'S WAR SERVICES.

GREAT BRITAIN'S DEBT OF GRATITUDE.

(Received September 21st, 11.23 p.m.)

LONDON, September 20,

The "Daily Express," in a column leader entitled "The Truth About Australia; what she did for the Empire," declares:—"Here's a continont whose inevitable development will amply repay whatever money is devoted to it. What are our bankers thinking off Australia, who fought for the Empire tiger-like, presents herself at their counters. They examine her requests for assistance with a microscope, yet make loans to enemy countries with open hearts and purses. Just let us remember what Australia did in the greatest crisis the Empire has over faced. It is a debt unrepayable in cash. If every financial obligation were cancelled we in Groat Britain still owe our Australian kinsmen a perpetuity of gratitude and admiration for her ;var work. The British public simply won't stand having the Australian problems assessed in cold terms of pounds, shillings, and pence."

MORE TAXATION NECESSARY.

UNCERTAINTY OF OUTLOOK.

MELBOURNE September 20,

Mr J. E. Fenton (Acting-Prime Minister) reiterated the opinion that increased taxation was inevitable. '"Even with ull our economies, there must be further taxation," he said. "We are not going to put any extra burden on industry.''

The Board of the Commonwealth Bank expressed the opinion that progress had been made by some States in regard to the balancing of Budgets, but the Federal position was regarded as entirely unsatisfactory. The uncertainty of the outlook was accentuating the depression in business circles, and in some influential circles the opinion is held that the indecision of the Federal Cabinet Committee, which is exploring tho situation, is unwittingly working up all the afements of a serious crisis. It is felt that if action is not taken shortlv to inaugurate fair measures of economy, steps of a drastic nature may have to be taken to prevent the national financial position drifting further into chaos.