Theodore’s Volte Face

Horowhenua Chronicle, 16 February 1931, Page 7

Theodore’s Volte Face

CONVINCED IN HIS OWN POLICY. Received Sunday, 8 p.m. CANBERRA, Feb. 14. After participating yesterday in the decision of the Premiers ’ and Treasurers ’ conference, Mr. Theodore caused a surprise to-day by resuming the advocacq of his own plan and attacking the Australian banking policy. He declares he is convinced the policy he outlined to the conference covers the only practicable way oi meeting equitably the economic problems now facing the country. Firstly, business activity must bo stimulated in every direction and they must provide employment for a maximum number of men. Secondly, the Government’s costs must be cut to the bone. Thirdly, there must be full recognition of the payment of external indebtedness within the limits of Australia's capacity. Fourthly, there must be no overseas interference with the policy they adopi to obtain internal adjustments. Mr. Theodore also urges an endeavour to balance the Budget within tao next three years and the universal sharings of sacrifices necessary to secure that economic adjustment. ENGLISH OPINION Received Monday, 12.35 a.m. LONDON, Feb. 15. The Observer, after referring to New Zealand’s'bold and brave attempt to face realities, says that the adoption of Mr. Lang’s scheme will destroy Australia’s credit abroad and impoverish thousands of citizens at home. Mr. Lang’s parallel to the American debt settlement is wholly fallacious, but Mr. Scnllin’s proposal to lengthen the war debt redemption period rs quite another thing. The Observer declares that Mr. Theodore’s limited inflation plan is specious, and adds: ” Australia is not yet out of the wood.”