AUSTRALIA’S DIFFICULTIES

Evening Star, Issue 20898, 15 September 1931, Page 7

AUSTRALIA’S DIFFICULTIES

* —-— THE ECONOMIC CRISIS •* LONG-RANGE " POLICY NEEDED Press Association—By Telegraph—Copyright. SYDNEY, September 14. Mr A. C. Davidson, general manager of the Bank of New South Wales, in an address to-day on the economic crisis, warned people that every financial proposal or policy must be subordinated to a “ long-range policy ” designed to place industry and production on a sound business footing. Australia as a nation was involved, whether sho liked it or not, in a change over from dependence for employment partly on industry and partly on public works financed out of overseas loans to dependence almost wholly on industry. The main task was to restore the ability of Australian production and consumption to cover their costs out of market prices. There was no evading tho problem of living within their means. ASSISTING WHEAT FARMERS THE BANKS’ DECISION. MELBOURNE, September 14. Tho banks have decided to create a fund from which a bounty of Cd per bushel will bo paid on all wheat exported, whether sold direct to exporters or to millers. When the price of wheat exceeds 2s 6d per bushel the bounty will not be paid. Thus a definite agreement for assistance to wheat farmers has been decided upon. POLITICAL PARTIES UNITED ACTION. SYDNEY, September 15. (Received September 15, at 10 a.m.) A meeting of tho council of tho National Association resolved that tho National Party should become the official organisation of the United Australia Party at the next Federal elections. My Lyons and Mr Latham supported this decision, therefore at the next elections tho National Party, tho Australia Party (supporters of Mr Lyons in the Federal sphere), and the All-for-Aus-tralia League in tho other States will be united to overthrow the present Government.