Theodore’s Trial Fixed for July

Horowhenua Chronicle, 28 May 1931, Page 6

Theodore’s Trial Fixed for July

THE MUNGANA LEASES. Received Thursday, 1 a.m. BRISBANE, May 27. The trial of the action before a Judge and jury of Messrs E. G Theodore (Federal Treasurer), W. McCormack, P. L. Goddard and F. Reid, arising out of the sale of the Mungana leases to the Queensland Government is set down for hearing on July 13th, INTEREST BILL. REDUCING RATE OF GOVERNMENT BILLS. PROPOSAL TO PREMIERS * CONFERENCE Received Thursday, 1.0 a.m. MELBOURNE, May 27. The Treasurer’s report to the Federal conference on the question of reducing interest rates on Government bonds in Australia proposes to make a cut in the internal interest bill, with an estimated saving of £6.500,000. It is also proposed to reduce the average rate of interest to £4 10/9 per cent. The committee proposes 4 per cent, as the interest rate on converted stock. SEEING THE TRUTH AT LAST. PRESS COMMENT ON AUSTRALIAN SITUATION. Received Wednesday, 9.5 p.m. LONDON, May 27. The Morning Post’s financial editor says at long last the Government of Australia has been brought up against the main issues arising out of the prolonged exchange crisis by the apparently drastic recommendations of the Economic Committee, but it is still not clear whether the conversion loans will be voluntary or compulsory. It may be hoped that the debt conversion scheme is voluntary. If the city regards the plan in its entirety as promising to rehabilitate Australian credit the effect will be reflected in the prices of securities and will favourably affect the funding proposals. SENATE’S ATTEMPT TO OUTMANOEUVRE SCULLIN. AN APPEAL TO THE GOVERNOR. Received Wednesday, 9,20 p.m. CANBERRA, May 27. In the Senate Sir George Pearce, leader of the Opposition, gave notice of intention to present a petition to the Governor-General requesting him to refuse approval during the present session of any regulation being in substance the same as already disallowed by the Senate. This action is the Senate’s answer to the continual gazetting of new regulations by the Government giving preference in employment on the waterfront to members of the Waterside Federation.