WAR ECONOMY PLAN

Grey River Argus, 26 February 1942, Page 4

WAR ECONOMY PLAN

IN AUSTRALIA Capitalists’ Objections [Aust. & N.Z. Cable Assn.] (Rec. 11.30.) SYDNEY, Feb. 25. An immediate effect of the Federal Government’s new economic regulations as they relate to the limitation of company profits, has been a decision by several companies to defer the payment of their interim dividends, -pending the clarification of the Government’s plan. It is expected that the people who depend largely for their income upon dividends from shares, and who have liabilities to meet, such as income tax, may experience temporary financial embarrassment in the event of their dividends being withheld on an extensive scale. House and property agents also claim that their livelihood has gone with the Government’s embargo on sales of land and of houses.

Premier’s Offer TO REVIEW REGULATIONS. [Aust. & N.Z. Cable Assn.] (Rec. 12.10). CANBERRA, Feb. 2b. Regarding the Government’s economic regulations, the Prime Minister, Mr Curtin, announced in the House his willingness to appoint an AU-Party Committee to examine the controversial features of the new economic! regulations. He had received complains from sections of the community about the harshness of som e provisions. The Leader of the Opposition, Mr Fadden, welcomed the idea. He said that, while the Opposition agreed with the principle of the plan, it objected to clauses which prohibited dealings in property or companyshares. Such a course, he said, would be bound to damage the war effort. Mr Fadden warned that if the Committee’s recommendations were not imlemented by me Government, the Oppositoin reserved the ngnt to take whatever action it thought fit. Senator MacLeay. in the Senate, made a similar statement on behalf of the Opposition, which is in a majority in that chamber. H e declared the Government’s proposals went too far, and were likely to lead to economic chaos.

Land Transport

DIRECTOR-GENERAL APPOINTED [Aust. & N.Z. Cable Assn.J (Rec. 12.3). CANBERRA, Feb. 25. The Prime Minister of Australia (Mr Curtin) has announced the appointment of Sir HaroM Clapp, former Victorian Railways Traffic Managed, as Director.-General of Land Transport. MR SCULLIN BACK IN HARNESS (Rec. 11.0.) CANBERRA, Feb. 25. Mr Curtin announced that the former Prime Minister, Mr Scullin, whose health is greatly improved, had undertaken to give him assistance in strenuous tasks ahead. House Adjourns AUSTRALIA TO CONSULT WITH UNITED NATIONS. [Aust. & N.Z. Cable Assn.] (Rec. 12.3). CANBERRA, Feb. 25. Mr. Curtin, moving that the, House adjourn until Thursday week, said that the whole strategical problem required urgent consideration in conjunction with representatives of New Zealand and the United Nations. The motion was agreed to.