INFLATION OPPOSED

Hawera Star, Volume L, 13 February 1931, Page 9

INFLATION OPPOSED

BANKS’ ATTITUDE OUTLINED “CURTAIL PUBLIC SPENDING” CO-OPERATION THEN PROMISED. 'United Presa Association —fi}’ Electric Telegrapt Copyright.) Received 12.30 p.m to-day. SYDNEY', Feb. 13. The Federal Treasurer (Mr. El. G. Ilieodrs) returned to Canberra and will report to the conference of Premiers and Treasurers the result of his deliberations with the Commonwealth Bank Board. Although, no- official statement lias been issued it is understood that the bank board; would not agree to any scheme which would tend to bring about financial inflation within the C o m m o n we a l th,

The “Sydney Morning Herald” says t was learnt from authoritive banking 3-o uroe-s that provided, the Governments make adequate reductions in their expenditure, trading banks- iu -co-opera-tion with the Commonwealth Bank will no enabled to take action towards assisting industry and restoring employment.

Leading bankers are of the opinion that if the banks relieved of t-liet burden of financing Government deficits they will be in a position to render the necessary assistance.

A public meeting, eonvetned the Lord Mayor, will be held at the Town Hall oil Monday to protest against Mr. Lang’s proposal’s made at Canberra this week. The orgauisetrs believe that a forceful demonstration of the itizens at this juncture would wield a lowerful influence in the prevention of r-urrenev inflation and- the destruction if credit. Unconstitutional and repudiatory action of the class proposed tv Mr. Lang, they point out, would destroy natural stability and weaken he- bonds of Empire.

VALUE OF SECURITIES,

SLIGHT FALL IN BONDS. SYDNEY, Feb. 1-2. Values of Commonwealth securities are slightly weaker than last week owing to the failure of the politicians to give tnc lead for which investors are waiting. Bonds of all descriptions show a slight fall all round. Banking securities are practically neglected excepting the Bank of New -South Wales, which rose os, following the declaration of an interim quarterly dividend at the rate of 9 per cent. “ALL FOR AUSTRALIA.” NEW LEAGUE-' FORMED. Received 12.30 p.m. to-dav. SYDNEY, Feb. 13. Conceived primarily to purge politics the “All for Australia Leageu,” a new non-party political organisation, was formed amid -scenes of great enthusiasm at a public meeting at Killara. Thousands were unable to gain admittance- to the hall. Among the objects of the league are the following: To organise to meet the present economic and -social crisis, restoration of the national credit. Government economy, balanced Budget, the creation of unity of -purpose, the. joining of producing and consuming interests and co-operation between class and class. FEDERAL LABOUR POLICY. HEATED EXECUTIVE DEBATE, j Received 12.30 p.m., to-day. MELBOURNE Feb. 13. After discussion of various proposals for inclusion in. the policy to he followed by the Federal State Labour Government, the Federal executive of the Australian Labour Party was unable to arrive at any definite decision. Messrs. Scullin, Hogan and 1 Hill participated in a heated debate.