AUSTRALIAN NEWS

Hawke's Bay Tribune, Volume XX, Issue 239, 27 September 1930, Page 5

AUSTRALIAN NEWS

TO AVERT DISASTER PREMIER'S AGREEMENT MUST STAND. ACCEPTANCE OR FINANCIAL CHAOS. [United Press Association—By CableCopyright.l (Received 27, 9.40 a.m.) Sydney, Sept. 26. The Premier, Mr. T. R. Bavin, declared that if the Premiers' agreement at the Melbourne conference was repudiated by New South Wales the financial and economic results would be a national disaster. Those who were retained in employment in the event of such a disaster, said Mr. Bavin, would have to accept heavy reductions of salaries and wages. All the Governments were certain that unless this agreement were adopted it would be impossible for Australia to mee.t its obligations in London. Further, it would be impossible for the Governments to find the money in Australia to meet their obligations, even for salaries and wages, within a very short time. The making of this agreement, therefore, isaved Australia from a crisis which all the Premiers admitted was imminent. If that crisis had happened nothing was more certain than that there would have been immediate chaos, not only in Government finance but in private industries. The result would have been financial panic, and for every one man unemployed to-day there would have been ten or twenty. LYSAGHT'S WORKS CLOSE. tUnited Press Association—By Cabin— Copyright.! (Received 26, 9.10 a.m.) Sydney, Sept. 26. Lysaght’s Newcastle works are closing to-day; 900 men will be thrown idle. The works were employed chiefly in tho manufacture of galvanised iron. ARBITRATION AWARDS. APPLICATION FOR SUSPENSION [United Press Association—By Cable— Copyright.) Sydney, Sept. 26. In order to aid relief plans, the New South Wales Government has applied to the Federal Arbitration Court for tho suspension of Federal awards covering builders’ labourers, carpenters and joiners. Judge Beeby, describing the matter as one of extreme importance, announced that he would give his decision next week. VICTORIAN - BUDGET. CAUSES STOCK EXCHANGE SLUMP. [United Press Association--By CableCopyright.l Melbourne, Sept. 26. Following the Budget' announcements a very sharp fall occurred in all shares on the Stock Exchange. Government loan issues and banking stocks were all offered at substantial reductions, while heavy falls are recorded over a wide range of leading industrial and general investment issues. The cause of the slump is the Government's new taxation proposals. MUNGANA MINES. ACTION AGAINST THEODORE. lUnited Press Association—By Cablie— Copyright.) Brisbane, Sept. 26. The Royal Assent has been given to the Crown Remedies Act, which will pave the way for a civil action against Theodore and others for the recovery of the money alleged to have been paid for the Mungana mines. FIRE AT TOWNSHIP. (United Press Association—By Cab’*— Copyright.) Sydney, Sept. 26. Five shops and residences were burned in the main street of Ganmain, in southern New South Wales. The damage is estimated at £lO.OOO. Ganmain has no fire brigade, the nearest being at Coolamon, an adjoining town, which wasted half an hour telephoning to headquarters at Sydney asking for instructions.