“A PITY MR LANG WON”

Hawera Star, Volume L, 28 October 1930, Page 9

“A PITY MR LANG WON”

LATE EDITION

BANKER EXRESSES REGRET tv ' SIX SEATS STILL IN DOUBT

MELB OURNK AGREEMENTS

CUnited Press Association —By Blectric Telegraph Copyright.} Received 12.45 p.m. to-day. SYDNEY, Oct. 28. Until the second preference votes are distributed later in the week it will not be possible to state definitely the result of the poll in six doubtful electorates. “I think it a pity that Mr. Lang; won, since it delays the adjustment necessitated by falling prices,” said the chairman of the associated banks, Mr. Tranter, speaking at Melbourne, ‘‘but it can have no more effect than that Mr. Lang can do very little. “Anything like a panic js to be deplored. People must not be foolish enough to throw away their good securities just because a reactionary happens to become Premier of an Australian State. Mr. Lang will not be able to float loans abroad, even at fabulous rates of interest.” The “Sydney Morning Herald” says that Federal Labour members, inelucliu a; the former treasurer, Mr. E. G. and Mr. Beasely,. attacked Slir Otto Niemeyer at a meeting of the Parliamentary Labour Party, and a resolution rejecting the tariff and industrial policy enunciated by Sir Otto Niemeyer was carried unanimously. Vigorous opposition to the motion came from Messrs Fenton and •Lyons, who pointed out the damaging effect it would have oil' Australia s credit abroad. They also referred to the pledges made at the Melbourne conference. when Messrs Fenton and Lyons evidently did not record their votes. Mr. Theodore, addressing the caucus, said that it might be necessary to precipitate a crisis so that the Government could dictate to the private banks and fdree them to release credits.

“WILL HONOUR OBLIGATIONS.” MR."S CULLIN’S ASSURANCE. Received 12.30 p.m. to-day. LONDON, Oct. 27. The newly-elected New South Wales Ministry,, like all other Australian Governments, will honour its obligations, said Mr. J. H. Scullin (Commonwealth Prime Minister) to an interviewer who asked what the possible effect of the elections on Australian credit would be. Mr. Scullin said that Mr. Lang during his election campaign declared against any suggestion of repudiation, and after the election Mr. Lang emphatically announced that all obligations would be met. That principle was being generally accepted by all Australian Governments. Commonwealth and New South Wales stocks have been marked down two points all round as a precautionary measure following Mr. Lang’s success.

STOCKS SLUMP SHARPLY

FEDERAL ISSUES SUFFER.

LONDON. Oct. 2?.. There n-cre the sharpest declines in Australian stocks. In Commonwealth fire per cents, tlie dealings ranged from £79 to £B4 15s and m six per cents, from £92- to £95. The declines m State stocks ranged between Ids and UtOS.