AUSTRALIAN NEWS

Hawke's Bay Tribune, Volume XX, Issue 238, 26 September 1930, Page 5

AUSTRALIAN NEWS

MR. LANG’S PROPOSALS A SEVERE CRITICISM. "SHORT ROAD TO BANKRUPTCY” I United Press Association—By Cablo— Copyright.! (Received 26, 9.40 a.m.) Sydney, Sept. 26. The State Treasurer, Mr. Stevens, in the course of an address, declared that Mr. Lang’s proposals were the short road to bankruptcy and national disaster. ELECTION CHANGE-OVER. (United Press Association— By CableCopyright.) (Received 26, 9.40 a.m.) Sydney, Sept. 26. A feature of the elections is that Mr. George Cann, who was Minister of Health and Local Government in the first Lang administration, is now standing as a Nationalist candidate. N.B.W. IMPORTS. (United Press Association—By CableCopyright.] (Received 26, 9.40 a.m.) Sydney, Sept. 26. Overseas imports into the State for August amounted to £2,775,787, compared with £5,301,062 for the same month last year—a decrease of 47 ner cent. Every item showed a tremendous drop. DROP IN SHARE VALUES. (United Press Association—By Cabl*~ Copyright.) Sydney, Sept. 25. Share values dropped to still lower levels to-day and the turnover was extremely small. The Bank of New South Wales fell 7/6 to £3O 12/6. Buyers for .Commonwealth loans are scarce and the market showed lack of strength. Values for all leading industrial securities were lower than a week ago and buyers retreated in the face of sellers’ pressure. INDUSTRIAL DIFFICULTIES. (United Press Association—By CableCopyright.) Sydney, Sept. 25. Addressing tho annual meeting of the Employers’ Federation, Mr. O. M. McDonald declared that Australia could overcome her difficulties if shackles in the shape of compulsory arbitration, heavy taxation and Parliamentary enactments were removed or modified. So serious was the position in some industries that unless a definite move were made by the Industrial Courts to reduce costs, a number must close down.

Figures were quoted showing that there were 254 strikes in Australia last year, involving £92,527 work people, with an estimated loss in wages of £4,869.303. At least 81 per cent, of the strikes occurred in New South Wales, accompanied by a wages loss of £3,721,412. PROGRAMME OF RECONSTRUCTION. (United Press Association-By CableCopyright.) (Received 26. 9.40 a.m.) Melbourne, Sept. 26. The sub-committee is still engaged in preparation of a programme of economic and financial reconstruction. No decision is likely to he reached for a week. Mr. Fenton said that the financial problems aie proving extremely difficult. S. AUSTRALIA’S BUDGET. (United Press Association—By CableCopyright. l Adelaide, Sept. 25. The Labour Premier, Mr. Hill, introducing the Budget, emphasised that the financial outlook was most serious in South Australia and unless dealt with effectively would lead to disruption of national life. The Government would take all the necessary steps to protect the solvency and credit of tho State. He budgeted for a surplus of £16,147. New taxation would he imposed on incomes from personal exertion and insurance companies, while cuts would he made in public servants’ salaries and grants to universities and other institutions.