DOUBLE DISSOLUTION

Dominion, Volume 24, Issue 32, 1 November 1930, Page 11

DOUBLE DISSOLUTION

Federal Parliament

LABOUR PARTY’S AIM Attitude of Senate DECISIONS OF CAUCUS By Telegraph—Press Association —Copyright. (Rec. October 31, 10.45 p.m.) Canberra, October 31. There is reported to be full confidence that the Labour Party is now going straight ahead for a double dissolution and a general election. The main issues will be the creation of credit and a challenge to the banks, w®ich allegedly “are holding up the country and starving industry.” The only obstacle to the party’s progress is the Senate, which is largely antiLabour. Sir George Pearce, Leader of the Opposition, in the Senate issued a statement on this subject to-day. He assured thrifty citizens of Australia that the Sinate could be relied upon to safeguard th<”r .vings from legislative spoilaU •. and the Senate would not be deter I J by threats of a double dissolution. He pointed out that over four million Australians had two hundred millions sterling deposited in the savings banks, apart from thousands who had deposits in trading banks and savings in insurance companies. Taxation of Salaries. The Federal Labouf caucus has concluded its sittings. It agreed that persons in receipt of a regular salary from the Commonwealth Government be subject to a special super-tax. This would, amount to 10 per cent, in the case of those whose salaries are between £750 and £lOOO a year, and 15 per cent in the case of those in receipt of more than £lOOO. Another means of assisting in balancing tbe Budget will be the adjustment of certain Federal accounts in order to effect substantial savings. The . caucus decisions represent a compromise between the original proposals submitted by Mr. Lyons and the demands of a militant section of the Labour Party. STATE OF UNCERTAINTY Cause of Financial Troubles Melbourne, October 31. The chairman, Mr. O. Bowden, addressing the members of the Stock Exchange, said that one cause of Australia’s troubles was unquestionably the state of indecision and uncertainty which pervaded trading and financial circles throughout the Commonwealth. Any attempt at an artificial reduction of interest rates would be fatal. STATE ELECTIONS New South Wales Returns MINISTRY’S RESIGNATION (Rec. October 31, 9.40 p.m.) Sydney, October 31. The checking of the preference votes cast at the recent State elections is approaching completion. The election of the State Treasurer, Mr. Stevens, for Croydon electorate Is now assured. Sir Thomas Henley (Nationalist), has been elected for Burwood by a narrow margin. Mr. M. L. F. Jarvie (Nationalist) for Ashfield neems certain of victory, but at Bondi the Nationalist, Mr. H. V. Jaques, has been defeated by Mr. A Landa, a Labourite, by 821 votes. Mr. W. W. Hedges, the Country Party candidate, has retained the Monaro seat by less than two hundred votes* Four Country seats are still in doubt. The Premier, Mr. T. R. Bavin, today tendered the resignation of his Government to the Governor, but agreed to carry on until the formation of Mr. Lang’s Ministry.

STOCKS IN NEW YORK

Depressive Factors

(Ree. October 31, 5.5 p.m.).

New York, October 30.

The New South Wales election news has been a factor tn the general depressive influence on values of Australian stocks quoted in New York. Almost daily pessimistic dispatches have been printed in this country concerning disputes in the Australian Labour Party over the Niemeyer Plan. New South Wales Government stocks have receded about a point during the past, three days, but it is interesting to note that Tuesday’s prices showed fractional gains over Monday’s prices. All Australian issues have lost approximately one point during this peno . the exception being Queensland 7 per cents., which have lost 6 points, sellin = vesterdav at 92 dollars.* y Bond men declare that there is no logical explanation Why Queensland should be singled out for “hammering, save, perhaps, that the high-priced issues usually suffer the greatest losses in a market here baa to consistently weak, and, J, he^° re ’ Com ready to reflect any “bear’ news. Commonwealth Government issues have been made to suffer no more than many other issues by European and American countries under the economic depression, ine bond h"ts day by day reflect the world Commonwealth 5 per cent. 1955 to-day closed at 751 off 1} from yesterday, 1957, no sale, yesterday 76: 4| per cents. 70J, off li New South Wales; o per cent. 1957, no sale, yesterday <4 3-8, 1958, no sale, yesterday <4. Queensland G per cents., no sale, yesterday no sale, 7 per cent., 90, off 2.

RISE IN BRICES

Sydney Stock Exchange

(Rec. October 31. 9.5 p.m.).

Sydney, October 31. Bond and share prices rose sharply on ’Change to-day, the market developing considerable strength. A more optimistic tone prevailed as a result of the Federal Government’s compromise on measwren to deal with th« financial 'drift,