CLAP-TRAP TALK

Dominion, Volume 24, Issue 174, 20 April 1931, Page 9

CLAP-TRAP TALK

Theodore and the Banks CHAIRMAN’S ANSWER Credit Severely Strained "POLITICAL PROPAGANDA” By Telegraph—Press Assn.—Copyright. (Rec. April 19, 5.5 p.m.) Melbourne, April 19. Replying to Mr. E. G. Theodore’s letter to the Commonwealth Bank Board, Mr. C. IL Tranter, chairman of the Associated Banks, described it as a clever piece of political propaganda. It ignored the actual position and contained much claptrap.

Mr. Tranter pointed out that the credit of the trading banks had been strained by £6,785,840 in the past eighteen months, within which period the resources of those banks had decreased £23,000,000 by a reduction in deposits. Indeed, credit had been strained to a point beyond which it would be unsafe to trade. The Federal Treasurer’s letter would further tend to disturb the public. SCULLIN IS SILENT Finances of Government BITTER LABOUR ATTACK (Rec. April 19, 5.5 p.m.)'. Sydney, April 19. Although the Commonwealth Bank’s ultimatum to the Federal Government is the subject of wide discussion, the Prime Minister has given no indication of the Government’s financial resources. He has definitely stated that the country need not expect an election inside three months. Commenting on the situation, fix Labour Daily” says, “All masks having been thrown off by the financial distators and their servants, the complete insolvency of all Australian Government with in a week or two is now assured.” Editorially the paper says: "The vultures are gathered for the feast and are hovering over the hotly-assail-ed figure of Labour which they hope will soon fall, riddled with the spears of its natural enemies and the poison darts of its renegades.” Mr. J. A. Lyons describes Mr. Theodore’s letter to the Commonwealth Bank as political propaganda. At tbe same time it reveals a base attempt on the part of Labour to crush the present methods of banking and deal a deathblow to the Commonwealth Bank. POLITICAL CLIMAX Insolvency March- Halted (Rec. April 19, 5,5 p.m.) London, April 18.’ “The Daily Telegraph,” in an editorial, says that events at Canberra have rushed suddenly to the political climax to which they have been leading during the past two months. Mr. Latham might well describe Mr. Theodore's statement in reference to tlie Commonwealth Bank as one of the most important events in the history of the Commonwealth. Mr. Scullin’s Government apparently was prepared to continue adding to its overdraft rather than to adopt the necessarily severe measurs of retrenchment. An inevitable’halt had now beet) called to that rapid march toward insolvency. The “Financial News” says that banking circles iu London express the opinion that if the Commonwealth Bank adheres to its decision, the only immediate effect will be the cessation of certain public works. Other quarters regard tbe news as favourable, necessitating retrenchment and hastening the downfall of the Government. BALANCE OF TRADE Now Favourable in N.S.W. Sydney, April 18. Figures for New .South Wales overseas trade for the nine months ended Marcn 31 show a favourable balance of £2,194,563. At the corresponding period of last year the State’s imports exceeded exports by £18,817,296. Imports for nine mouths of this year totalled £21,685,499, and exports £23,883,062.