THE AUSTRALIAN ELECTIONS

Press, Volume LXX, Issue 21244, 16 August 1934, Page 11

THE AUSTRALIAN ELECTIONS

I LABOUR POLICY J CONCENTRATION ON BANKING i _____ i a (UKIIKD PEK39 ASSOCIATION—MP BIXCTRIO TELEOBAI'H—COPTEIOHT.) ! (Received August 16, 12.10 a.m.) i j MELBOURNE, August 15. j The Federal Labour party's policy iwas explained to-night at Richmond jby Mr J. H. Scullin, leader of the ! Opposition. He said the party would 'continue its work of expanding the j Commonwealth Bank from the point j where it was interrupted in 1924, : enabling the bank to enter into vigorous competition with the prijvate banks. Matters of high policy i would be determined by Parliament j and executed by the Government. I An enquiry would be conducted j into the whole monetary question as well as into the operations of private banking. The Commonwealth Bank would be expected to provide £ 1,000,000 a month for the employment of 50,000 men, full time, on public works. The control of monetary machinery for private profit had given way to national control for the benefit of all, Mr Scullin said. Money must be the servant of industry. The control of the Commonwealth Bank by a full-time governor of proved capacity was preferable to an oligarchy composed of directors with greater interests outside the operations of the bank. Parliament would determine the Commonwealth Bank's policy and administration. Mr Scullin outlined proposals for a three-year plan for stabilising the wheat industry, involving a national ] wheat pool plan, envisaging a home j consumption price of 4s a busheL He declared that unless Labour was returned more severe inroads ! into the tariff would result, espej dally if the Country party deimanded important portfolios in the; : prospective Coalition Government, j which would be inevitable. Labour was more than ever convinced that adequate protection was necessary for Australian development Labour also strongly opposed the exploitation of Northern Australia by chartered companies. Mr Scullin hotly condemned the Lyons administration for what he described as its failure adequately to reduce unemployment, and its "mythical claims" to balancing Australia's overseas trade. He took the credit himself for having laid the foundation of the improved conditions at present enjoyed by Australia. He urged people to ignore j wild charges about Labour's inteni tions regarding banking.