INTEREST NOT PAID

Dominion, Volume 24, Issue 148, 19 March 1931, Page 9

INTEREST NOT PAID

N.S.W. Now in Arrears GOVERNMENT WARNED Scullin May Take Action LANG’S REDUCTION PLANS By Telegraph—Pres. Association —Copyright (Rec. March 18, 10 p.m.) Sydney, March 18. The fact that the Lang Government is £220,876 in arrears in payment of Interest due to the Commonwealth was disclosed by the Prime Minister, Mr. J. 11. Scullin, in the House of Representatives at Canberra. Mr. Scullin announced that the Commonwealth Government was now considering the matter with a view to taking appropriate action to ensure that the Commonwealth law and constitution was upheld. In the New South Wales Assembly, explaining his Interest Reduction Bill, Mr. Lang said that it fixed the rates for private borrowing at 5 per cent for first mortgage and 6 for second or subsequent mortgage; 5 per cent, on hire-purchase goods or land buying instalment system deposit; rate on call money at per cent.; three months, 2 per cent; six months, 2-J per cent; one to two years, 2J per cent. The Bill does not apply to agreements covering payment of Interest outside the State to other than a resident of New South Wales. Agreements and obligations entered into with the Crown or State Savings Bank are also exempt. Mr. B. Stevens (Nationalist) said that he feared the Bill would destroy the existing system of finance and dissipate the little confidence remaining in industry. Mr. Booth (Labour), supporting the measure, attacked the Legislative Council, which, he said, was determined to defeat the Bill at all costs. “We take up the challenge,” he said, “and will fight with every ounce of energy we possess. If the Opposition members try to meet the position with armed fore? we will meet them with armed force and beat them.” The Speaker intervened, calling Mr. Booth to order. The Bill was read a first time. The second reading is to-day. LANG’S DIFFICULTY Check for “Red” Premier London, March 17. In a leading article on the Federal High Court's dismissal of Mr. Lang’s appeal, “The Times” says that it has given this very “Red” Premier a check which may seriously interfere with his plans for establishing a dictatorship of the proletariat with himself as dictator. “Mr. Lang is unlikely to appeal to the people by referendum, for there is little doubt that the verdict would be against him. If he seeks the creation of new members to force through legislation of a confiscatory and revolutionary character, the Governor before assenting will probably wish to bo satisfied that the Government has the country’s support for extremist measures, which were not before the electors at the last election. “The situation is complicated by Mr. Lang’s feud against Mr. Theodore. It becomes daily more evident that the Scullin Government’s life is numbered in hours.’’ UNEMPLOYED RELIEF Labour’s Efforts in Sydney Sydney, March 18. The Metropolitan Labour Conference rejected every proposal submitted for the relief of unemployment. The recommendation for the socialisation of all industries was defeated by 61 votes to 57. The decision is regarded as a vote of confidence in the Lang Government, with whom the problem is left for the present. Mr. Lang announces that £1,000,001) will be advanced from the relief fund, enabling 10,000 men to be absorbed in public works. BANKING TURNOVER Tremendous Decrease Shown (Rec. March 18, 8 p.m.). Melbourne, March 18. The tremendous fall in the banking turnover of the past year was indicated before the full Arbitration Court by counsel for the banks in applying for a 10 per cent, cut in the award rates for bank officials. The total fall in the turnover of Australian banking was £326,500,000, and it was still falling, he said.