THEODORE COMPLAINS

Dominion, Volume 24, Issue 180, 28 April 1931, Page 9

THEODORE COMPLAINS

Ministry Lacks Power MAJORITY IN SENATE Dominated by Nationalism BIG LOAN AUTHORISED By Telegraph—Press Assn.—-Copyright. (Rec. April 27, 9 p.m.) Adelaide, April 27. Addressing the waterside workers at Port Adelaide to-day, Mr. E. G. Theodore, the Federal Treasurer, said Nationalism dominated the Commonwealth legislation through the Senate majority leaving the Labour Ministry without power or responsibility.

He added that the country was being strangled by its monetary system, which was dictated by the bai.hs. Mr. Theodore announced that the Loan Council had authorised the raising of £12,000,000, half of which will be used to help the wheat growers and the other half for the creation of work for the unemployed.

According to a Melbourne message, Mr. Theodore has stated that the Loan Council has explored means for further economies in the Government expenditure. State and Commonwealth cuts which were resolved upon, mean that the total economies for next year will be £11,300,000, compared with £7,000,000 in 1929-30. RATES OF INTEREST Move Toward Uniformity BALANCING OF BUDGETS Melbourne, April 27. The reduction of bank interest rates to be uniform throughout Australia, the talking of a £12,000,000 loan, the balancing of Budgets by June, 1934, and the creation of an all-party conference to share responsibility for economies—these were important decisions arrived at by the Loan Council, which directed Mr. Theodore to confer with Sir Robert Gibson for raising the loan and asked the Commonwealth Bank Board to take up the interest reduction proposals with private and savings banks. For balancing Budgets and the allparty conference the first move was made to-day, when a committee of the council will begin to draw up the suggested programme for submission to another meeting of the council in three weeks' time. CREDIT RUNNING DRY Situation Becomes Tenser London, April 26. The “Observer-,” under the heading “Can Australia Wait?” says that the political situation lias grown tenser. “The stream of bank credit threatens to run dry. Mr. Theodore’s new Bill taxing interest has made a further loan impossible. “The Treasurer evidently hopes that the deadlock will convert the States to his inflation policy, but Mr. Hill countered this by blurting the blunt truth when he said that Federation was tottering to its fall. SERIOUS CHALLENGE Lang’s Party Leadership Sydney, April 27. The “Daily Telegraph” says that Mr. J. T. Lang’s leadership of the State Labour Party was never in such danger of serious challenge as at present. A discontented faction within the Parliamentary caucus is only awaiting a lead to come into the open with a definite attempt to dispose the leader. The trouble, which was brought to a head by the closing of the Savings Bank, has been kept out of sight only by the fact that no meeting of the caucus has been held since then, despite a strong agitation for one among the rank and file. Thanks to the efforts of Mr. Lang, Friday’s caucus lapsed for want of a quorum.