REPUDIATION DISCLAIMED

Hawera Star, Volume L, 17 February 1931, Page 9

REPUDIATION DISCLAIMED

• LATE EDITION

“NOT SOLVE SINGLE PROBLEM” ATTITUDE OF ME. THEODORE “FAY WHILE HAVE THE MEAN-S” (United Press Association —By Electric Telegraph Copyright.) Received 2.15 p.m. to-day. SYDNEY, Feb. 17. The Federal Treasurer (Mr E. G. Theodore), interviewed at Sydney today, said: “I cannot hope to restore financial stability while onc-fit'th of our workers are unemployed or a large proportion are working short time. The problem of getting the _ unemployed back to productive work is, therefore, the most outstanding matter for solution, and if this necessitates the balancing of the Government's Budget, reducing interest rates and supplying an increased volume of bank credit for primary and secondary industries let us attend to these things immediately. The responsibility with the Governments and the banks, and I believe the Governments will do their part.

‘•‘(While a country can meet its just obligations it is sheer lunacy for any ■Government to rush into repudiation. When a country is driven to make default through uncontrollable circumstances it is usually considered disaster, but that a Government should of its own volition declare that it shall not pay while it still has the means to pay, is an act of ruinous folly. Repudiation will not solve a single Australian problem, but will increase unemployment and destitution through the interruption of business and industry. WAR DKIRT REDUCTION MEMBERS SHOW INTEREST. Received 1.2..50 p.m. to-day. LONDON, Feb. 16. Several questions will be put to Mr Philip Snowden (Chancellor of the Exchequer) in the House of Commons to-morrow regarding, the Australian war debt reduction application. Sir Kingsley IVcod is asking whether any statement will be made of the Government’s intentions, what negotiations are occurring and the present position.