WAR DEBT.

Press, Volume LXVII, Issue 20214, 17 April 1931, Page 11

WAR DEBT.

BRITISH CONCESSION. GENEROSITS TO AUSTBAU* B8Y!SJO)J yrQKIB (UNITED PftESS iSSQCIATION —EPKC?BIQ TELBGJUMl—cojyjiipnT.), . "(Received April 16th, 7-5 p.m.) CANBEBBA, April 16. TJie half-yearly payment of £BOO,OOO, whipii the Brttlph Government has agreed' to forgp fpr the ne|t two years, allowing for the present rate of exchange, represents a say>ig to Australia of. £2,000, QpQ per year for two yepip. The Prime Minister, Mr J. H. SculUn, announcing the arrangement njadewitji (be British 6fvernnjept, said the British 0-pvern-was hqpefui that by 193 ?' eppnomip pf Australia wonid bs w greatly that the need of wy further revision . would not arise. Australia had sought both an extension of thP < period of repayment; and a reduction of the interest rate on the debt of approximately £82,000,OQP. Spth these had been rejected In f avpur' of the ~ arrangement an- < pqnnce4A BRITISH CONCESSION. LONDON, April 15. In the Bouse pf .Comwow, th© Sec" 1 fpr State for the Dominions, Mr J. El- Thpmas, announced that the Government would permit tha Commonwealth of Australia to posi> pone during the next four and a hall? years payments of £Boo*ooo due in each year in respect to war debts to Great Britain, thus extending the total repayment period by two years. BUBPEN OP BRITISH TAXPAYDE. COMMENT IN LONDON. (Received April 16th, 8 p.m.) : LONDON, April 16. "The Times," in loader, says: Help can only be given at the expense of the British taxpayer, who has immense and ever-increasing burdens and the WOjltJ'a highest taxation.. Isut even in the midst of its own pressing financial disf!T|lties and perplexities no British Government could watch the crisis in AustraUa.without a lively sympathy and a desire to give every possible' help. Australia's solvation must coine from ' herself. It be quicker than now scenes possible, '<is soon' as public opinion socpeet|fl in competing ? the: Commonwealth G<*v--.-Qpinent gnd &U State Governments to' keep io the pare, if stony paths of strqight-fprwarg, finance—'"The Rimes'' Cable.„

DOUBLE DEFAULT. . / NO PAYMENT TO FEDERAL, GOVERNMENT. CANBERRA, April }6. The Prim© Minister, ' sir J. H. Scujlin, announced that tho New South Wales Government had not only defaulted in its interest payments £qe iu London, but also in the payments 6ue , to th® Commonwealth. ■ ' ThV amount involved was_ £435,756, due on March 15th' and April Ist. < Mr' Scullin thftdefftuli by New South Wales was' of interest due on loans made by the Gonunonwealth' to the State. ' It is understood £hst sj'ince 4p?4 ' W Ne\y South" Wales has rajd' »nrare§t< amounting approximately to £29,000 'op •loans raised by the "State in, Australia and taken over by the Commonwealth. .Begarding interest" falling due in tho future, this State has not advised the Commonwealth of' its but Mr Soullin remarked that a ©]l had been 'introduced in New South Wales providing, inter alia, for tne rev duction of interest payable by the State in Australia to 8 per" cent.

INCREASE!? NOTE ( ISSp|. j SYDNEY, April 1<?, < A return of the Commonwealth Bank shows an increase of £1,000,000 irj issue qf noteg. • The* secretary of the National Party has announced that, no Nationalist, candidate will contest the Annandale, lw-ele<?tion. Thq Party, wishes to register an actual protest against the holding of the election on' Anzac Bay. UNITED OPPOSITION, ATTITUDE OF, COUNTRY PARTY. (deceived April 16th, Sji.jJQ p.m.) April 16. The invitation tp thp P^y to link up with the Federal Opposition fprcfis undey one leader/with'the object qf turning the Qpvernment out., and fighting an election as a united Party, was not altogether succgspJjiiL, ' The Coqptry Party desires to" retain its separate entity, but has ,esp?egsed its willingness to allow its leader, Dr. Barle Page, to coroperate with all the other Opposition (egders in- a common policy of rphabilitafion. ,' . This efforts to band the forces into one organisation fife pract;cally assured of snccess, The Nationalists have unanimously favoured union with the other Parties unfler" <>pe leader, and Mepsrp W ]tf. Hughes and G. A. Max\yell (Independenfi}) have also signified thpir to pupport the movement. 'The Country < Party will discuss the rjiatfer at a meeting to-morrow.

LABOUR PACTIONS. SYDNEY, Apr# 10. In the war fieing W9ged Between the Thepdpre -aild £aijg it appfjirs that the Labour hepgtjes will support -Air J. T, I 4 ang- Those which rcpliedto a oitoular lettAF demanding sJJe--Bi9soq to Mf IJ. ©. Thepdore hftv« V 1 &a swa ba&i d§fia®tj.