AUSTRALIA’S PROBLEM

Evening Star, Issue 20587, 12 September 1930, Page 9

AUSTRALIA’S PROBLEM

THE FINANCIAL CRISIS EFFECT OH SHARE MARKET Press Association —By Telegraph—Copyright. SYDNEY, September 11. Tiro share market is still displaying a tendency to drift, but bonds are firmer. Bank shares in some instances are easier, without much disposition to trade. Sellers of Bank of New South Wales shares still sought to realise, and the price fell away 7s fid to a new low level of £32 12s 6d. WRIT FOR LIBEL ISSUED BY MR HUGHES. SYDNEY, September 11. A writ claiming £IO,OOO for alleged libel has been issued by Mr W, M. Hughes against the Sydney ‘Morning Herald ’ arising out of an editorial of September 8, which, Mr Hughes claims, accuses him of encouraging the rebellious spirits who advocate debt repudiation. FUTURE PROSPECTS BANK DIRECTORS’ REVIEW. SYDNEY, September 12. (Received September 12, at 10 a.m.) Reviewing Australia’s economic position and prospects, the directors of the Commonwealth Bank in their halfyearly report, declare that at present there is no justifiable reason to believe that the world’s prices for Australia s exports aro likely to improve in the near future, and emphasise that the lean time ahead must be shahed by all classes of the community. Conditionally on the necessary action being taken to correct the economic position, they anticipate that Australia will overcome her difficulties. REDUCTION IN WAGES QUESTION FOR ARBITRATION COURT. MELBOURNE, September 12. (Received September 12, at 10 a.m.) The Acting-Prime Minister (Mr Fenton), addressing a conference of the Australian Council of Trades Unions, maintained that the question of a general reduction of wages throughout Australia was one for decision by the Arbitration Court, for which the machinery was now created by Federal Parliament. Mr Fenton said ho thought that there were too many Parliaments in Australia—6ol members in a population of 6,500,000 was inordinate. Australia might with advantage follow the example of Canada in its modest system of government.