AUSTRALIAN ELECTIONS

Hawera Star, Volume LIV, 16 August 1934, Page 5

AUSTRALIAN ELECTIONS

Labour Leader Outlines the Party’s Policy

ABSORPTION OF UNEMPLOYED | MONETARY INQUIRY (United Presa Association —By Electric Telegrapti Copyright.) MELBOURNE, Aug.. 15. The Federal Labour Party’s policy was explained, to-night at Richmond. • y Mr J H. Scullin, Leader of the Opposition. He said the party would continue its work of expanding the Commonwealth Bank from the point where it was interrupted in 1924, enabling tne bank to enter into vigorous competition with the private banks. Matters of high policy would be determined uy Parliament and .executed by the uovinquiry would be conducted into the whole monetary question as well as tne operations of private banking, continued Mr Scyllm. The Commonwealth Bank would be expected to , 000* a month tor the unemploj men of 50,000 men at full-time on public The control of the monetary machinery lor private profit had to give way . to national control for the benefit ot -i all. Money must be a servant ohndustrv. Control of the Commonwealth Bank by a full-time governor of proved capacity was preferable to an oligarchy composed of directors with greater interests outside the banks operations. Parliament would determine the Com. monwealth Bank’s policy and administration. . . Mr Scullin outlined proposals for a three-year plan for the stabilisation, ot the wheat industry,, involving a national wheat pool plan, envisaging, home consumption price of 4s a bushel. He warned his hearers that unless Labour was returned more severe inroads on the tariff would result, especially it the Country Party demanded important portfolios in the prospective coalition Government, which was inevitable Labour was more than ever convinced that adequate protection was necessary for Australian development. Labour also strongly opposed exploitation of Northern Australia by chartered companies. Mr Scullin hotly condemned the Lyons administration for its alleged failure to adequately reduce unemployment and its “mythical” claims to balancing Australia’s oversea trade, and himself took the credit for having -aid the foundation for the improved condi. tions at present enjoyed by Australia. He urged the people to ignore wild charges as regards Labour’s intentions regarding banking.