GOLD EXPORT.

Press, Volume LXVII, Issue 20224, 30 April 1931, Page 9

GOLD EXPORT.

COMMENT IN LONDON. effect on waning credit. (Received April 29th, 5.55 p.m.) LONDON, April 29. Australia is again figuring prominently in the Press in connexion with the proposed gold ahipment and the news of another Now South Wales default. The "Financial News" says: London banking circles are of opinion that Mr Bcullin'g proposal about gold ahipment is thoroughly undesirable. The abolition of the gold backing will do further damage to Australia's waning credit, and will be a serious obstacle to tho restoration of confidence. It would remove tho last vestiges of tho gold standard, and make a return to the system extremely difficult. If it be true that the only alternative is default, the use of the gold reserve may be the lesser evil. After all, the gold reserve primarily accumulated for use in emcrgency, but the possibility of arranging the funding or replacement of maturing Treasury bills seems at presont remote. The Senate therefore may find it necessary to pass the Bill unless the Commonwealth Bank again can find the money. A SIERIOUS plight. STATEMENT BY MR THEODORE. (Received April 30th, 12.20 a.m.) MELBOURNE, April 29. Speaking at Ballarat, the Federal Treasurer, Mr E. G. Theodore, held out no hope of Australia meeting its overseas obligations except by an increase of commodity prices or an extension of long-term credits abroad. "We cannot carry on without these conditions. There has been coolness overseas towards Australia for a long time. There is no reason why our 5 per cent, loan is at £7O, while New Zealand is at £9B, and South .Africa at £IOO. This must be due to a series of misunderstandings. The blame cannot be all with one Party. We must cease our rancorous fighting and try to brush these misunderstandings away." On the Stock Exchange at' Melbourne, Commonwealth securities all declined today from 2s 6d to 27s 6d, due to the announcement of New South Wales' further default, and a lack of confidence in the Federal Government's financial policy. EARLY STATE ELECTION IMPROBABLE. SYDNEY, April 29. Political Labour circles scout the Opposition suggestion that a Stute General Election is imminent. Members of the Ministry declare that Mr J T. ling's reference during his Savings Bonk Bill speech to the "bar of public opinion,'' referred # to possible State by-elections resulting from of the Legislative Assembly contesting iTederal seats. INDUSTRIAL DISPUTES. SEAMEN 4ND MINERS. SYDNEY, April 29. What was probably the largest meeting of the Seamen's TJnion ever held in Sydney defeated a motion aiming at a general strike. Determined efforts were made by avowed Communists to have the strike motion carried, but when the genuine seamen saw some of the bocalled mariners who wanted the ships tied up, and who had never been to sea in their lives, that settled the matter. The refusal. of a miner to pay sixpence as an instalment towards a 3s levy struck by the miners' lodge for expenses in connexion with the May Day celebrations has thrown the Stockton Bore Hole Colliery idle for an indefinite period. Four hundred strikers decided not to work with the man concerned. DEATH OF A PROSPECTOR. " CANBERRA, April 29. The Minister for Home Affairs, Mr A. Blakeley, received word that the body of H. Lasseter, discoverer of tho gold reef in the Peterson Ranges, in Central Australia, has beon found after a three months' search. It will be recalled that the airmen, Captain Pittendrigh and Mr Hamre, were forced down when looking for Lasseter, and were in a pitiable condition when found.