WEAKENED CREDIT

Dominion, Volume 24, Issue 189, 8 May 1931, Page 9

WEAKENED CREDIT

Australia Now Facing the Consequences <

INFLATION PROPOSAL

By Telegraph—Press Assn.—Copyright

(Rec. May 7, 7.30 p.m.)

London, May 7.

Referring to the advice given to Australia's Senate on the question of gold shipments, the “Morning Post’s” financial editor says that Sir Robert Gibson is making a strong defence of sound financial principles, and it is unavoidable that he should be accused of partisanship. “Australia is now coming face to face with the consequence-; of the failure to maintain her credit, by flirting with Inflation Instead of first setting her house in order economically, then obtaining the required accommodation to meet floating liabilities and the accommodation which would be readily accorded.

"It is evident that the hard pat f economy Is not palatable to some supporters of the present Government. They would rather meet their debts by meails of the printing press.”

The “Financial News” says that Sir Robert Gibson probably meant that f the Government of Australia resigned, the question of default would not arise. “It is felt here that the Government has not faced the facts of the situation, and as long as it remains in office the problem of the London floating debt cannot satisfactorily be solved.” WATERSIDE LABOUR Rationing Available Jobs JUDGE BEEBY’S DECISION (Rec. May 7, 11 p.m.). Melbourne, May 7. Judge Beeby, in the Commonwealth Arbitration Court, refused to insert in the Sydney Waterside Workers’ Award a new clause providing for a roster system controlled by the union. He ordered the employers other than coastal shippers to distribute,the work among competent men as evenly as possible, giving priority to Federation members. Judge Beeby will empower the Sydney branch tq make rules to prevent any member of the Federation accepting employment which yields him an amount exceeding the' basic wage, less 10 per cent. The idea is to ration the work available. UNPOPULAR PREMIER Lang Refused Brisbane Hall Brisbane, May 7. A request made on behalf of the New South Wales Premier, Mr. J. T. Lang, by Messrs. J. S. Garden and Martin for permission to hold a public meeting in the Brisbane Town Hall has been refused by the authorities. The application will be renewed when the new City Council takes office next week.